Loan Comparison: 3.78% vs 6.5%
28 7th Street, Colorado Springs, CO 80905 · 4bd/2ba · $530,000
List Price
$530,000
Assumable Rate
3.78%
Remaining Balance
$313,435
Equity Gap
$216,564
Loan Type
VAAdjust Your Scenario
$26,500
$26,500$216,564
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.78% (VA)
Blended Rate: 5.18%
Monthly Payment Comparison
New Conventional @ 6.5%
$3,182/moAssumable @ 3.78% + gap loan
$2,786/moAssumed loan: $1,457/mo
Gap financing: $1,329/mo
$397less per month with the assumable
Your Savings on This Property
28 7th Street, Colorado Springs · 3.78% VA vs 6.5% conventional
$397
per month
$4,759
per year
$142,776
over 30 years
$142,775
interest saved
How gap financing works: The equity gap ($216,564) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($26,500, 5% of purchase price) and a second mortgage for the rest ($190,064 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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