Loan Comparison: 3.05% vs 6.5%
1802 Uintah Street, Colorado Springs, CO 80909 · 6bd/2ba · $599,000
List Price
$599,000
Assumable Rate
3.05%
Remaining Balance
$165,980
Equity Gap
$433,020
Loan Type
VAAdjust Your Scenario
$29,950
$29,950$433,020
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.05% (VA)
Blended Rate: 6.20%
Monthly Payment Comparison
New Conventional @ 6.5%
$3,597/moAssumable @ 3.05% + gap loan
$3,523/moAssumed loan: $704/mo
Gap financing: $2,818/mo
$74less per month with the assumable
Your Savings on This Property
1802 Uintah Street, Colorado Springs · 3.05% VA vs 6.5% conventional
$74
per month
$890
per year
$26,711
over 30 years
$26,711
interest saved
How gap financing works: The equity gap ($433,020) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($29,950, 5% of purchase price) and a second mortgage for the rest ($403,070 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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