Loan Comparison: 3% vs 6.5%
7437 Bigtooth Maple Drive, Colorado Springs, CO 80925 · 5bd/3ba · $510,000
List Price
$510,000
Assumable Rate
3%
Remaining Balance
$442,535
Equity Gap
$67,464
Loan Type
VAAdjust Your Scenario
$25,500
$25,500$67,464
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3% (VA)
Blended Rate: 3.39%
Monthly Payment Comparison
New Conventional @ 6.5%
$3,062/moAssumable @ 3% + gap loan
$2,159/moAssumed loan: $1,866/mo
Gap financing: $293/mo
$903less per month with the assumable
Your Savings on This Property
7437 Bigtooth Maple Drive, Colorado Springs · 3% VA vs 6.5% conventional
$903
per month
$10,838
per year
$325,154
over 30 years
$325,153
interest saved
How gap financing works: The equity gap ($67,464) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($25,500, 5% of purchase price) and a second mortgage for the rest ($41,964 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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