Loan Comparison: 6.13% vs 6.5%
6145 Faxon Court, Colorado Springs, CO 80922 · 4bd/3ba · $529,900
List Price
$529,900
Assumable Rate
6.13%
Remaining Balance
$489,702
Equity Gap
$40,197
Loan Type
VAAdjust Your Scenario
$26,495
$26,495$40,197
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 6.13% (VA)
Blended Rate: 6.17%
Monthly Payment Comparison
New Conventional @ 6.5%
$3,182/moAssumable @ 6.13% + gap loan
$3,073/moAssumed loan: $2,977/mo
Gap financing: $96/mo
$109less per month with the assumable
Your Savings on This Property
6145 Faxon Court, Colorado Springs · 6.13% VA vs 6.5% conventional
$109
per month
$1,308
per year
$39,237
over 30 years
$39,236
interest saved
How gap financing works: The equity gap ($40,197) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($26,495, 5% of purchase price) and a second mortgage for the rest ($13,702 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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