Loan Comparison: 6.39% vs 6.5%
2959 Silver Hawk Avenue, Colorado Springs, CO 80916 · 3bd/2ba · $440,000
List Price
$440,000
Assumable Rate
6.39%
Remaining Balance
$398,093
Equity Gap
$41,907
Loan Type
VAAdjust Your Scenario
$22,000
$22,000$41,907
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 6.39% (VA)
Blended Rate: 6.44%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,642/moAssumable @ 6.39% + gap loan
$2,627/moAssumed loan: $2,487/mo
Gap financing: $139/mo
$15less per month with the assumable
Your Savings on This Property
2959 Silver Hawk Avenue, Colorado Springs · 6.39% VA vs 6.5% conventional
$15
per month
$184
per year
$5,530
over 30 years
$5,530
interest saved
How gap financing works: The equity gap ($41,907) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($22,000, 5% of purchase price) and a second mortgage for the rest ($19,907 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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