Loan Comparison: 3.18% vs 6.5%
19679 Glen Shadows Drive, Colorado Springs, CO 80908 · 5bd/4ba · $1,175,000
List Price
$1,175,000
Assumable Rate
3.18%
Remaining Balance
$805,922
Equity Gap
$369,077
Loan Type
VAAdjust Your Scenario
$58,750
$58,750$369,077
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.18% (VA)
Blended Rate: 4.38%
Monthly Payment Comparison
New Conventional @ 6.5%
$7,055/moAssumable @ 3.18% + gap loan
$5,646/moAssumed loan: $3,477/mo
Gap financing: $2,170/mo
$1,409less per month with the assumable
Your Savings on This Property
19679 Glen Shadows Drive, Colorado Springs · 3.18% VA vs 6.5% conventional
$1,409
per month
$16,909
per year
$507,266
over 30 years
$507,265
interest saved
How gap financing works: The equity gap ($369,077) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($58,750, 5% of purchase price) and a second mortgage for the rest ($310,327 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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