Loan Comparison: 3.16% vs 6.5%
6149 San Mateo Drive, Colorado Springs, CO 80911 · 4bd/2ba · $429,000
List Price
$429,000
Assumable Rate
3.16%
Remaining Balance
$315,407
Equity Gap
$113,593
Loan Type
VAAdjust Your Scenario
$21,450
$21,450$113,593
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.16% (VA)
Blended Rate: 4.14%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,576/moAssumable @ 3.16% + gap loan
$2,001/moAssumed loan: $1,357/mo
Gap financing: $644/mo
$575less per month with the assumable
Your Savings on This Property
6149 San Mateo Drive, Colorado Springs · 3.16% VA vs 6.5% conventional
$575
per month
$6,895
per year
$206,847
over 30 years
$206,847
interest saved
How gap financing works: The equity gap ($113,593) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($21,450, 5% of purchase price) and a second mortgage for the rest ($92,143 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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