Loan Comparison: 4% vs 6.5%
215 28th Street, Colorado Springs, CO 80904 · 3bd/3ba · $350,000
List Price
$350,000
Assumable Rate
4%
Remaining Balance
$326,616
Equity Gap
$23,383
Loan Type
VAAdjust Your Scenario
$17,500
$17,500$23,383
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 4% (VA)
Blended Rate: 4.06%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,102/moAssumable @ 4% + gap loan
$1,600/moAssumed loan: $1,559/mo
Gap financing: $41/mo
$501less per month with the assumable
Your Savings on This Property
215 28th Street, Colorado Springs · 4% VA vs 6.5% conventional
$501
per month
$6,014
per year
$180,424
over 30 years
$180,423
interest saved
How gap financing works: The equity gap ($23,383) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($17,500, 5% of purchase price) and a second mortgage for the rest ($5,883 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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