Loan Comparison: 2.84% vs 6.5%
1142 Dancing Horse, Colorado Springs, CO 80919 · 3bd/3ba · $519,000
List Price
$519,000
Assumable Rate
2.84%
Remaining Balance
$332,567
Equity Gap
$186,432
Loan Type
VAAdjust Your Scenario
$25,950
$25,950$186,432
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.84% (VA)
Blended Rate: 4.68%
Monthly Payment Comparison
New Conventional @ 6.5%
$3,116/moAssumable @ 2.84% + gap loan
$2,608/moAssumed loan: $1,374/mo
Gap financing: $1,234/mo
$509less per month with the assumable
Your Savings on This Property
1142 Dancing Horse, Colorado Springs · 2.84% VA vs 6.5% conventional
$509
per month
$6,106
per year
$183,190
over 30 years
$183,189
interest saved
How gap financing works: The equity gap ($186,432) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($25,950, 5% of purchase price) and a second mortgage for the rest ($160,482 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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