Loan Comparison: 3% vs 6.5%
4454 Kaolin Court, Colorado Springs, CO 80938 · 4bd/3ba · $395,000
List Price
$395,000
Assumable Rate
3%
Remaining Balance
$357,554
Equity Gap
$37,445
Loan Type
VAAdjust Your Scenario
$19,750
$19,750$37,445
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3% (VA)
Blended Rate: 3.21%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,372/moAssumable @ 3% + gap loan
$1,631/moAssumed loan: $1,507/mo
Gap financing: $124/mo
$741less per month with the assumable
Your Savings on This Property
4454 Kaolin Court, Colorado Springs · 3% VA vs 6.5% conventional
$741
per month
$8,888
per year
$266,633
over 30 years
$266,632
interest saved
How gap financing works: The equity gap ($37,445) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($19,750, 5% of purchase price) and a second mortgage for the rest ($17,695 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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