Loan Comparison: 6.35% vs 6.5%
1426 Holmes Drive, Colorado Springs, CO 80909 · 3bd/3ba · $414,000
List Price
$414,000
Assumable Rate
6.35%
Remaining Balance
$374,985
Equity Gap
$39,015
Loan Type
VAAdjust Your Scenario
$20,700
$20,700$39,015
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 6.35% (VA)
Blended Rate: 6.40%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,486/moAssumable @ 6.35% + gap loan
$2,461/moAssumed loan: $2,333/mo
Gap financing: $128/mo
$25less per month with the assumable
Your Savings on This Property
1426 Holmes Drive, Colorado Springs · 6.35% VA vs 6.5% conventional
$25
per month
$295
per year
$8,846
over 30 years
$8,846
interest saved
How gap financing works: The equity gap ($39,015) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($20,700, 5% of purchase price) and a second mortgage for the rest ($18,315 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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