Loan Comparison: 3.69% vs 6.5%
1056 Keith Drive, Colorado Springs, CO 80916 · 5bd/3ba · $397,000
List Price
$397,000
Assumable Rate
3.69%
Remaining Balance
$195,659
Equity Gap
$201,341
Loan Type
VAAdjust Your Scenario
$19,850
$19,850$201,341
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.69% (VA)
Blended Rate: 5.52%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,384/moAssumable @ 3.69% + gap loan
$2,168/moAssumed loan: $899/mo
Gap financing: $1,269/mo
$215less per month with the assumable
Your Savings on This Property
1056 Keith Drive, Colorado Springs · 3.69% VA vs 6.5% conventional
$215
per month
$2,584
per year
$77,528
over 30 years
$77,528
interest saved
How gap financing works: The equity gap ($201,341) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($19,850, 5% of purchase price) and a second mortgage for the rest ($181,491 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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