Loan Comparison: 2.9% vs 6.5%
10419 Odin, Colorado Springs, CO 80924 · 5bd/3ba · $750,000
List Price
$750,000
Assumable Rate
2.9%
Remaining Balance
$400,000
Equity Gap
$394,221
Loan Type
VAAdjust Your Scenario
$37,500
$37,500$394,221
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.9% (VA)
Blended Rate: 5.54%
Monthly Payment Comparison
New Conventional @ 6.5%
$4,503/moAssumable @ 2.9% + gap loan
$4,408/moAssumed loan: $1,665/mo
Gap financing: $2,743/mo
$96less per month with the assumable
Your Savings on This Property
10419 Odin, Colorado Springs · 2.9% VA vs 6.5% conventional
$96
per month
$1,148
per year
$34,448
over 30 years
$78,669
interest saved
How gap financing works: The equity gap ($394,221) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($37,500, 5% of purchase price) and a second mortgage for the rest ($356,721 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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