Loan Comparison: 2.99% vs 6.5%
1011 Cheyenne, Colorado Springs, CO 80905 · 4bd/3ba · $860,000
List Price
$860,000
Assumable Rate
2.99%
Remaining Balance
$685,319
Equity Gap
$325,877
Loan Type
VAAdjust Your Scenario
$43,000
$43,000$325,877
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.99% (VA)
Blended Rate: 4.60%
Monthly Payment Comparison
New Conventional @ 6.5%
$5,164/moAssumable @ 2.99% + gap loan
$5,061/moAssumed loan: $2,886/mo
Gap financing: $2,175/mo
$103less per month with the assumable
Your Savings on This Property
1011 Cheyenne, Colorado Springs · 2.99% VA vs 6.5% conventional
$103
per month
$1,239
per year
$37,180
over 30 years
$188,376
interest saved
How gap financing works: The equity gap ($325,877) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($43,000, 5% of purchase price) and a second mortgage for the rest ($282,877 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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