Loan Comparison: 2.88% vs 6.5%
280 Brandywine, Colorado Springs, CO 80906 · 4bd/3ba · $800,000
List Price
$800,000
Assumable Rate
2.88%
Remaining Balance
$576,116
Equity Gap
$223,884
Loan Type
VAAdjust Your Scenario
$40,000
$40,000$223,884
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.88% (VA)
Blended Rate: 4.24%
Monthly Payment Comparison
New Conventional @ 6.5%
$4,804/moAssumable @ 2.88% + gap loan
$3,806/moAssumed loan: $2,392/mo
Gap financing: $1,414/mo
$998less per month with the assumable
Your Savings on This Property
280 Brandywine, Colorado Springs · 2.88% VA vs 6.5% conventional
$998
per month
$11,976
per year
$359,282
over 30 years
$359,282
interest saved
How gap financing works: The equity gap ($223,884) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($40,000, 5% of purchase price) and a second mortgage for the rest ($183,884 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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