Loan Comparison: 2.9% vs 6.5%
125 Larch, Colorado Springs, CO 80911 · 3bd/1ba · $320,000
List Price
$320,000
Assumable Rate
2.9%
Remaining Balance
$299,297
Equity Gap
$20,702
Loan Type
VAAdjust Your Scenario
$16,000
$16,000$20,702
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.9% (VA)
Blended Rate: 2.99%
Monthly Payment Comparison
New Conventional @ 6.5%
$1,921/moAssumable @ 2.9% + gap loan
$1,282/moAssumed loan: $1,246/mo
Gap financing: $36/mo
$640less per month with the assumable
Your Savings on This Property
125 Larch, Colorado Springs · 2.9% VA vs 6.5% conventional
$640
per month
$7,675
per year
$230,245
over 30 years
$230,244
interest saved
How gap financing works: The equity gap ($20,702) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($16,000, 5% of purchase price) and a second mortgage for the rest ($4,702 at 8.5%). Even with two payments, the blended cost is typically much lower than a new conventional loan. We work with lenders who specialize in assumption gap financing.
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