Loan Comparison: 2.98% vs 6.5%
6305 Armdale, Colorado Springs, CO 80927 · 2bd/2ba · $458,500
List Price
$458,500
Assumable Rate
2.98%
Remaining Balance
$334,770
Equity Gap
$123,730
Loan Type
VAAdjust Your Scenario
$22,925
$22,925$123,730
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.98% (VA)
Blended Rate: 4.26%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,753/moAssumable @ 2.98% + gap loan
$2,183/moAssumed loan: $1,408/mo
Gap financing: $775/mo
$570less per month with the assumable
Your Savings on This Property
6305 Armdale, Colorado Springs · 2.98% VA vs 6.5% conventional
$570
per month
$6,843
per year
$205,283
over 30 years
$205,283
interest saved
How gap financing works: The equity gap ($123,730) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($22,925, 5% of purchase price) and a second mortgage for the rest ($100,805 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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