Loan Comparison: 2.83% vs 6.5%
8107 Cedarstone, Colorado Springs, CO 80927 · 4bd/3ba · $590,000
List Price
$590,000
Assumable Rate
2.83%
Remaining Balance
$388,760
Equity Gap
$230,504
Loan Type
VAAdjust Your Scenario
$29,500
$29,500$230,504
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.83% (VA)
Blended Rate: 4.76%
Monthly Payment Comparison
New Conventional @ 6.5%
$3,543/moAssumable @ 2.83% + gap loan
$3,149/moAssumed loan: $1,604/mo
Gap financing: $1,546/mo
$394less per month with the assumable
Your Savings on This Property
8107 Cedarstone, Colorado Springs · 2.83% VA vs 6.5% conventional
$394
per month
$4,723
per year
$141,694
over 30 years
$170,958
interest saved
How gap financing works: The equity gap ($230,504) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($29,500, 5% of purchase price) and a second mortgage for the rest ($201,004 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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