Loan Comparison: 6.3% vs 6.5%
423 Eudora Street, Colorado Springs, CO 80911 · 5bd/4ba · $425,000
List Price
$425,000
Assumable Rate
6.3%
Remaining Balance
$392,818
Equity Gap
$32,181
Loan Type
VAAdjust Your Scenario
$21,250
$21,250$32,181
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 6.3% (VA)
Blended Rate: 6.33%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,552/moAssumable @ 6.3% + gap loan
$2,508/moAssumed loan: $2,431/mo
Gap financing: $76/mo
$44less per month with the assumable
Your Savings on This Property
423 Eudora Street, Colorado Springs · 6.3% VA vs 6.5% conventional
$44
per month
$529
per year
$15,879
over 30 years
$15,878
interest saved
How gap financing works: The equity gap ($32,181) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($21,250, 5% of purchase price) and a second mortgage for the rest ($10,931 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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