Loan Comparison: 6.85% vs 6.5%
7005 Ash Creek Heights, Colorado Springs, CO 80922 · 5bd/3ba · $299,000
List Price
$299,000
Assumable Rate
6.85%
Remaining Balance
$247,686
Equity Gap
$51,314
Loan Type
VAAdjust Your Scenario
$14,950
$14,950$51,314
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 6.85% (VA)
Blended Rate: 6.93%
Monthly Payment Comparison
New Conventional @ 6.5%
$1,795/moAssumable @ 6.85% + gap loan
$1,877/moAssumed loan: $1,623/mo
Gap financing: $254/mo
Your Savings on This Property
7005 Ash Creek Heights, Colorado Springs · 6.85% 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 ($51,314) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($14,950, 5% of purchase price) and a second mortgage for the rest ($36,364 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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