Loan Comparison: 2.84% vs 6.5%
744 Endeavor, Colorado Springs, CO 80915 · 3bd/3ba · $430,000
List Price
$430,000
Assumable Rate
2.84%
Remaining Balance
$350,802
Equity Gap
$154,816
Loan Type
VAAdjust Your Scenario
$21,500
$21,500$154,816
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.84% (VA)
Blended Rate: 4.40%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,582/moAssumable @ 2.84% + gap loan
$2,474/moAssumed loan: $1,449/mo
Gap financing: $1,025/mo
$108less per month with the assumable
Your Savings on This Property
744 Endeavor, Colorado Springs · 2.84% VA vs 6.5% conventional
$108
per month
$1,296
per year
$38,886
over 30 years
$114,504
interest saved
How gap financing works: The equity gap ($154,816) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($21,500, 5% of purchase price) and a second mortgage for the rest ($133,316 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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