Loan Comparison: 5.1% vs 6.5%
833 Dirksland Street, Colorado Springs, CO 80907 · 3bd/2ba · $430,000
List Price
$430,000
Assumable Rate
5.1%
Remaining Balance
$406,244
Equity Gap
$23,755
Loan Type
VAAdjust Your Scenario
$21,500
$21,500$23,755
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 5.1% (VA)
Blended Rate: 5.11%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,582/moAssumable @ 5.1% + gap loan
$2,221/moAssumed loan: $2,206/mo
Gap financing: $16/mo
$361less per month with the assumable
Your Savings on This Property
833 Dirksland Street, Colorado Springs · 5.1% VA vs 6.5% conventional
$361
per month
$4,326
per year
$129,791
over 30 years
$129,790
interest saved
How gap financing works: The equity gap ($23,755) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($21,500, 5% of purchase price) and a second mortgage for the rest ($2,255 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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