Loan Comparison: 2.94% vs 6.5%
901 Prickly Pear, Colorado Springs, CO 80921 · 6bd/4ba · $834,900
List Price
$834,900
Assumable Rate
2.94%
Remaining Balance
$365,715
Equity Gap
$469,185
Loan Type
VAAdjust Your Scenario
$41,745
$41,745$469,185
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.94% (VA)
Blended Rate: 5.94%
Monthly Payment Comparison
New Conventional @ 6.5%
$5,013/moAssumable @ 2.94% + gap loan
$4,817/moAssumed loan: $1,530/mo
Gap financing: $3,287/mo
$197less per month with the assumable
Your Savings on This Property
901 Prickly Pear, Colorado Springs · 2.94% VA vs 6.5% conventional
$197
per month
$2,359
per year
$70,767
over 30 years
$70,767
interest saved
How gap financing works: The equity gap ($469,185) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($41,745, 5% of purchase price) and a second mortgage for the rest ($427,440 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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