Loan Comparison: 3.1% vs 6.5%
1730 Hathaway Drive, Colorado Springs, CO 80915 · 2bd/2ba · $425,000
List Price
$425,000
Assumable Rate
3.1%
Remaining Balance
$368,197
Equity Gap
$56,802
Loan Type
VAAdjust Your Scenario
$21,250
$21,250$56,802
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.1% (VA)
Blended Rate: 3.49%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,552/moAssumable @ 3.1% + gap loan
$1,821/moAssumed loan: $1,572/mo
Gap financing: $249/mo
$731less per month with the assumable
Your Savings on This Property
1730 Hathaway Drive, Colorado Springs · 3.1% VA vs 6.5% conventional
$731
per month
$8,774
per year
$263,206
over 30 years
$263,205
interest saved
How gap financing works: The equity gap ($56,802) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($21,250, 5% of purchase price) and a second mortgage for the rest ($35,552 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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