Loan Comparison: 6.29% vs 6.5%
7240 Bonnie Brae Lane, Colorado Springs, CO 80922 · 3bd/2ba · $429,999
List Price
$429,999
Assumable Rate
6.29%
Remaining Balance
$404,821
Equity Gap
$25,178
Loan Type
VAAdjust Your Scenario
$21,500
$21,500$25,178
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 6.29% (VA)
Blended Rate: 6.30%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,582/moAssumable @ 6.29% + gap loan
$2,529/moAssumed loan: $2,503/mo
Gap financing: $26/mo
$53less per month with the assumable
Your Savings on This Property
7240 Bonnie Brae Lane, Colorado Springs · 6.29% VA vs 6.5% conventional
$53
per month
$638
per year
$19,145
over 30 years
$19,145
interest saved
How gap financing works: The equity gap ($25,178) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($21,500, 5% of purchase price) and a second mortgage for the rest ($3,678 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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