Loan Comparison: 2.78% vs 6.5%
1420 Rockhurst, Colorado Springs, CO 80918 · 7bd/3ba · $998,000
List Price
$998,000
Assumable Rate
2.78%
Remaining Balance
$406,491
Equity Gap
$591,509
Loan Type
VAAdjust Your Scenario
$49,900
$49,900$591,509
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.78% (VA)
Blended Rate: 6.05%
Monthly Payment Comparison
New Conventional @ 6.5%
$5,993/moAssumable @ 2.78% + gap loan
$5,830/moAssumed loan: $1,666/mo
Gap financing: $4,165/mo
$162less per month with the assumable
Your Savings on This Property
1420 Rockhurst, Colorado Springs · 2.78% VA vs 6.5% conventional
$162
per month
$1,946
per year
$58,393
over 30 years
$58,393
interest saved
How gap financing works: The equity gap ($591,509) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($49,900, 5% of purchase price) and a second mortgage for the rest ($541,609 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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