Loan Comparison: 2.74% vs 6.5%
5916 Dancing Sun, Colorado Springs, CO 80911 · 3bd/3ba · $429,900
List Price
$429,900
Assumable Rate
2.74%
Remaining Balance
$227,522
Equity Gap
$202,910
Loan Type
VAAdjust Your Scenario
$21,495
$21,495$202,910
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.74% (VA)
Blended Rate: 5.30%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,581/moAssumable @ 2.74% + gap loan
$2,323/moAssumed loan: $928/mo
Gap financing: $1,395/mo
$259less per month with the assumable
Your Savings on This Property
5916 Dancing Sun, Colorado Springs · 2.74% VA vs 6.5% conventional
$259
per month
$3,106
per year
$93,182
over 30 years
$93,714
interest saved
How gap financing works: The equity gap ($202,910) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($21,495, 5% of purchase price) and a second mortgage for the rest ($181,415 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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