Loan Comparison: 3.3% vs 6.5%
806 Platte Avenue, Colorado Springs, CO 80903 · 5bd/4ba · $599,900
List Price
$599,900
Assumable Rate
3.3%
Remaining Balance
$320,767
Equity Gap
$279,132
Loan Type
VAAdjust Your Scenario
$29,995
$29,995$279,132
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.3% (VA)
Blended Rate: 5.14%
Monthly Payment Comparison
New Conventional @ 6.5%
$3,602/moAssumable @ 3.3% + gap loan
$3,147/moAssumed loan: $1,405/mo
Gap financing: $1,742/mo
$455less per month with the assumable
Your Savings on This Property
806 Platte Avenue, Colorado Springs · 3.3% VA vs 6.5% conventional
$455
per month
$5,464
per year
$163,933
over 30 years
$163,932
interest saved
How gap financing works: The equity gap ($279,132) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($29,995, 5% of purchase price) and a second mortgage for the rest ($249,137 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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