Loan Comparison: 3.49% vs 6.5%
2210 Farnsworth Drive, Colorado Springs, CO 80916 · 3bd/3ba · $415,000
List Price
$415,000
Assumable Rate
3.49%
Remaining Balance
$83,618
Equity Gap
$331,382
Loan Type
VAAdjust Your Scenario
$20,750
$20,750$331,382
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.49% (VA)
Blended Rate: 6.65%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,492/moAssumable @ 3.49% + gap loan
$2,547/moAssumed loan: $375/mo
Gap financing: $2,172/mo
Your Savings on This Property
2210 Farnsworth Drive, Colorado Springs · 3.49% 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 ($331,382) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($20,750, 5% of purchase price) and a second mortgage for the rest ($310,632 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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