Loan Comparison: 2.83% vs 6.5%
7363 Axis, Colorado Springs, CO 80922 · 3bd/3ba · $419,800
List Price
$419,800
Assumable Rate
2.83%
Remaining Balance
$258,738
Equity Gap
$161,061
Loan Type
VAAdjust Your Scenario
$20,990
$20,990$161,061
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.83% (VA)
Blended Rate: 4.82%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,521/moAssumable @ 2.83% + gap loan
$2,144/moAssumed loan: $1,067/mo
Gap financing: $1,077/mo
$376less per month with the assumable
Your Savings on This Property
7363 Axis, Colorado Springs · 2.83% VA vs 6.5% conventional
$376
per month
$4,517
per year
$135,524
over 30 years
$135,523
interest saved
How gap financing works: The equity gap ($161,061) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($20,990, 5% of purchase price) and a second mortgage for the rest ($140,071 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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