Loan Comparison: 2.88% vs 6.5%
6220 Wacissa, Colorado Springs, CO 80925 · 3bd/3ba · $419,900
List Price
$419,900
Assumable Rate
2.88%
Remaining Balance
$284,664
Equity Gap
$135,907
Loan Type
VAAdjust Your Scenario
$20,995
$20,995$135,907
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.88% (VA)
Blended Rate: 4.50%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,521/moAssumable @ 2.88% + gap loan
$2,065/moAssumed loan: $1,182/mo
Gap financing: $884/mo
$456less per month with the assumable
Your Savings on This Property
6220 Wacissa, Colorado Springs · 2.88% VA vs 6.5% conventional
$456
per month
$5,472
per year
$164,148
over 30 years
$164,819
interest saved
How gap financing works: The equity gap ($135,907) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($20,995, 5% of purchase price) and a second mortgage for the rest ($114,912 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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