Loan Comparison: 3.38% vs 6.5%
7296 Coral Ridge Drive, Colorado Springs, CO 80925 · 5bd/3ba · $360,000
List Price
$360,000
Assumable Rate
3.38%
Remaining Balance
$130,498
Equity Gap
$229,502
Loan Type
VAAdjust Your Scenario
$18,000
$18,000$229,502
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.38% (VA)
Blended Rate: 5.93%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,162/moAssumable @ 3.38% + gap loan
$2,056/moAssumed loan: $577/mo
Gap financing: $1,479/mo
$106less per month with the assumable
Your Savings on This Property
7296 Coral Ridge Drive, Colorado Springs · 3.38% VA vs 6.5% conventional
$106
per month
$1,266
per year
$37,992
over 30 years
$37,992
interest saved
How gap financing works: The equity gap ($229,502) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($18,000, 5% of purchase price) and a second mortgage for the rest ($211,502 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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