Loan Comparison: 6.89% vs 6.5%
8172 Basaltic Drive, Colorado Springs, CO 80938 · 4bd/3ba · $490,000
List Price
$490,000
Assumable Rate
6.89%
Remaining Balance
$448,632
Equity Gap
$41,368
Loan Type
VAAdjust Your Scenario
$24,500
$24,500$41,368
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 6.89% (VA)
Blended Rate: 6.91%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,942/moAssumable @ 6.89% + gap loan
$3,070/moAssumed loan: $2,952/mo
Gap financing: $118/mo
Your Savings on This Property
8172 Basaltic Drive, Colorado Springs · 6.89% VA vs 6.5% conventional
$0
per month
$0
per year
$0
over 30 years
$0
interest saved
How gap financing works: The equity gap ($41,368) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($24,500, 5% of purchase price) and a second mortgage for the rest ($16,868 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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