Loan Comparison: 3.1% vs 6.5%
6457 Graymont Drive, Colorado Springs, CO 80923 · 3bd/3ba · $460,000
List Price
$460,000
Assumable Rate
3.1%
Remaining Balance
$321,741
Equity Gap
$138,259
Loan Type
VAAdjust Your Scenario
$23,000
$23,000$138,259
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.1% (VA)
Blended Rate: 4.26%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,762/moAssumable @ 3.1% + gap loan
$2,180/moAssumed loan: $1,374/mo
Gap financing: $806/mo
$582less per month with the assumable
Your Savings on This Property
6457 Graymont Drive, Colorado Springs · 3.1% VA vs 6.5% conventional
$582
per month
$6,988
per year
$209,643
over 30 years
$209,643
interest saved
How gap financing works: The equity gap ($138,259) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($23,000, 5% of purchase price) and a second mortgage for the rest ($115,259 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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