Loan Comparison: 3.1% vs 6.5%
2455 Payne Circle, Colorado Springs, CO 80916 · 4bd/2ba · $375,000
List Price
$375,000
Assumable Rate
3.1%
Remaining Balance
$345,434
Equity Gap
$29,566
Loan Type
VAAdjust Your Scenario
$18,750
$18,750$29,566
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.1% (VA)
Blended Rate: 3.23%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,252/moAssumable @ 3.1% + gap loan
$1,551/moAssumed loan: $1,475/mo
Gap financing: $76/mo
$701less per month with the assumable
Your Savings on This Property
2455 Payne Circle, Colorado Springs · 3.1% VA vs 6.5% conventional
$701
per month
$8,413
per year
$252,380
over 30 years
$252,380
interest saved
How gap financing works: The equity gap ($29,566) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($18,750, 5% of purchase price) and a second mortgage for the rest ($10,816 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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