Loan Comparison: 1.99% vs 6.5%
6364 Galway Drive, Colorado Springs, CO 80918 · 5bd/4ba · $600,000
List Price
$600,000
Assumable Rate
1.99%
Remaining Balance
$398,437
Equity Gap
$201,563
Loan Type
VAAdjust Your Scenario
$30,000
$30,000$201,563
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 1.99% (VA)
Blended Rate: 3.65%
Monthly Payment Comparison
New Conventional @ 6.5%
$3,603/moAssumable @ 1.99% + gap loan
$2,670/moAssumed loan: $1,471/mo
Gap financing: $1,200/mo
$932less per month with the assumable
Your Savings on This Property
6364 Galway Drive, Colorado Springs · 1.99% VA vs 6.5% conventional
$932
per month
$11,190
per year
$335,695
over 30 years
$335,695
interest saved
How gap financing works: The equity gap ($201,563) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($30,000, 5% of purchase price) and a second mortgage for the rest ($171,563 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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