Loan Comparison: 2.9% vs 6.5%
7413 Rim Bluff, Colorado Springs, CO 80927 · 4bd/4ba · $620,000
List Price
$620,000
Assumable Rate
2.9%
Remaining Balance
$349,708
Equity Gap
$271,114
Loan Type
VAAdjust Your Scenario
$31,000
$31,000$271,114
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.9% (VA)
Blended Rate: 5.18%
Monthly Payment Comparison
New Conventional @ 6.5%
$3,723/moAssumable @ 2.9% + gap loan
$3,302/moAssumed loan: $1,456/mo
Gap financing: $1,846/mo
$421less per month with the assumable
Your Savings on This Property
7413 Rim Bluff, Colorado Springs · 2.9% VA vs 6.5% conventional
$421
per month
$5,052
per year
$151,568
over 30 years
$152,390
interest saved
How gap financing works: The equity gap ($271,114) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($31,000, 5% of purchase price) and a second mortgage for the rest ($240,114 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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