Loan Comparison: 6.16% vs 6.5%
6282 Anders Ridge Lane, Colorado Springs, CO 80927 · 3bd/1ba · $471,000
List Price
$471,000
Assumable Rate
6.16%
Remaining Balance
$446,278
Equity Gap
$24,721
Loan Type
VAAdjust Your Scenario
$23,550
$23,550$24,721
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 6.16% (VA)
Blended Rate: 6.16%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,828/moAssumable @ 6.16% + gap loan
$2,730/moAssumed loan: $2,722/mo
Gap financing: $8/mo
$98less per month with the assumable
Your Savings on This Property
6282 Anders Ridge Lane, Colorado Springs · 6.16% VA vs 6.5% conventional
$98
per month
$1,179
per year
$35,373
over 30 years
$35,372
interest saved
How gap financing works: The equity gap ($24,721) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($23,550, 5% of purchase price) and a second mortgage for the rest ($1,171 at 7.5%). 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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