Loan Comparison: 2.35% vs 6.5%
4352 Canteen, Colorado Springs, CO 80922 · 6bd/3ba · $560,000
List Price
$560,000
Assumable Rate
2.35%
Remaining Balance
$208,024
Equity Gap
$351,976
Loan Type
VAAdjust Your Scenario
$28,000
$28,000$351,976
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.35% (VA)
Blended Rate: 6.10%
Monthly Payment Comparison
New Conventional @ 6.5%
$3,363/moAssumable @ 2.35% + gap loan
$3,297/moAssumed loan: $806/mo
Gap financing: $2,491/mo
$66less per month with the assumable
Your Savings on This Property
4352 Canteen, Colorado Springs · 2.35% VA vs 6.5% conventional
$66
per month
$788
per year
$23,649
over 30 years
$23,649
interest saved
How gap financing works: The equity gap ($351,976) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($28,000, 5% of purchase price) and a second mortgage for the rest ($323,976 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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