Loan Comparison: 2.96% vs 6.5%
3870 Constitution, Colorado Springs, CO 80909 · 4bd/4ba · $220,000
List Price
$220,000
Assumable Rate
2.96%
Remaining Balance
$232,877
Equity Gap
$82,431
Loan Type
VAAdjust Your Scenario
$11,000
$11,000$82,431
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.96% (VA)
Blended Rate: 4.26%
Monthly Payment Comparison
New Conventional @ 6.5%
$1,321/moAssumable @ 2.96% + gap loan
$1,526/moAssumed loan: $977/mo
Gap financing: $549/mo
Your Savings on This Property
3870 Constitution, Colorado Springs · 2.96% VA vs 6.5% conventional
$0
per month
$0
per year
$0
over 30 years
$21,500
interest saved
How gap financing works: The equity gap ($82,431) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($11,000, 5% of purchase price) and a second mortgage for the rest ($71,431 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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