Loan Comparison: 3.91% vs 6.5%
6408 Galway Drive, Colorado Springs, CO 80918 · 4bd/3ba · $460,000
List Price
$460,000
Assumable Rate
3.91%
Remaining Balance
$240,365
Equity Gap
$219,635
Loan Type
VAAdjust Your Scenario
$23,000
$23,000$219,635
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.91% (VA)
Blended Rate: 5.53%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,762/moAssumable @ 3.91% + gap loan
$2,510/moAssumed loan: $1,135/mo
Gap financing: $1,375/mo
$252less per month with the assumable
Your Savings on This Property
6408 Galway Drive, Colorado Springs · 3.91% VA vs 6.5% conventional
$252
per month
$3,026
per year
$90,768
over 30 years
$90,768
interest saved
How gap financing works: The equity gap ($219,635) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($23,000, 5% of purchase price) and a second mortgage for the rest ($196,635 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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