Loan Comparison: 2.98% vs 6.5%
4096 London, Colorado Springs, CO 80916 · 5bd/2ba · $310,000
List Price
$310,000
Assumable Rate
2.98%
Remaining Balance
$264,794
Equity Gap
$45,206
Loan Type
VAAdjust Your Scenario
$15,500
$15,500$45,206
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.98% (VA)
Blended Rate: 3.54%
Monthly Payment Comparison
New Conventional @ 6.5%
$1,861/moAssumable @ 2.98% + gap loan
$1,342/moAssumed loan: $1,114/mo
Gap financing: $228/mo
$519less per month with the assumable
Your Savings on This Property
4096 London, Colorado Springs · 2.98% VA vs 6.5% conventional
$519
per month
$6,234
per year
$187,020
over 30 years
$187,020
interest saved
How gap financing works: The equity gap ($45,206) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($15,500, 5% of purchase price) and a second mortgage for the rest ($29,706 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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