Loan Comparison: 2.98% vs 6.5%
213 Jasper, Colorado Springs, CO 80911 · 3bd/1ba · $329,900
List Price
$329,900
Assumable Rate
2.98%
Remaining Balance
$287,009
Equity Gap
$42,890
Loan Type
VAAdjust Your Scenario
$16,495
$16,495$42,890
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.98% (VA)
Blended Rate: 3.44%
Monthly Payment Comparison
New Conventional @ 6.5%
$1,981/moAssumable @ 2.98% + gap loan
$1,410/moAssumed loan: $1,207/mo
Gap financing: $203/mo
$571less per month with the assumable
Your Savings on This Property
213 Jasper, Colorado Springs · 2.98% VA vs 6.5% conventional
$571
per month
$6,852
per year
$205,571
over 30 years
$205,570
interest saved
How gap financing works: The equity gap ($42,890) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($16,495, 5% of purchase price) and a second mortgage for the rest ($26,395 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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