Loan Comparison: 6.3% vs 6.5%
101 Tejon Street, Colorado Springs, CO 80903 · 4bd/2ba · $700,000
List Price
$700,000
Assumable Rate
6.3%
Remaining Balance
$628,127
Equity Gap
$71,873
Loan Type
VAAdjust Your Scenario
$35,000
$35,000$71,873
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 6.3% (VA)
Blended Rate: 6.37%
Monthly Payment Comparison
New Conventional @ 6.5%
$4,203/moAssumable @ 6.3% + gap loan
$4,146/moAssumed loan: $3,888/mo
Gap financing: $258/mo
$57less per month with the assumable
Your Savings on This Property
101 Tejon Street, Colorado Springs · 6.3% VA vs 6.5% conventional
$57
per month
$690
per year
$20,698
over 30 years
$20,698
interest saved
How gap financing works: The equity gap ($71,873) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($35,000, 5% of purchase price) and a second mortgage for the rest ($36,873 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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