Loan Comparison: 2.87% vs 6.5%
7160 Mount Higgins, Colorado Springs, CO 80922 · 3bd/3ba · $419,500
List Price
$419,500
Assumable Rate
2.87%
Remaining Balance
$338,201
Equity Gap
$82,057
Loan Type
VAAdjust Your Scenario
$20,975
$20,975$82,057
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.87% (VA)
Blended Rate: 3.73%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,519/moAssumable @ 2.87% + gap loan
$1,872/moAssumed loan: $1,402/mo
Gap financing: $470/mo
$647less per month with the assumable
Your Savings on This Property
7160 Mount Higgins, Colorado Springs · 2.87% VA vs 6.5% conventional
$647
per month
$7,764
per year
$232,925
over 30 years
$233,683
interest saved
How gap financing works: The equity gap ($82,057) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($20,975, 5% of purchase price) and a second mortgage for the rest ($61,082 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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