Loan Comparison: 3.18% vs 6.5%
4019 Charleston Drive, Colorado Springs, CO 80916 · 5bd/3ba · $245,400
List Price
$245,400
Assumable Rate
3.18%
Remaining Balance
$217,572
Equity Gap
$27,827
Loan Type
VAAdjust Your Scenario
$12,270
$12,270$27,827
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.18% (VA)
Blended Rate: 3.47%
Monthly Payment Comparison
New Conventional @ 6.5%
$1,474/moAssumable @ 3.18% + gap loan
$1,047/moAssumed loan: $939/mo
Gap financing: $109/mo
$426less per month with the assumable
Your Savings on This Property
4019 Charleston Drive, Colorado Springs · 3.18% VA vs 6.5% conventional
$426
per month
$5,115
per year
$153,437
over 30 years
$153,436
interest saved
How gap financing works: The equity gap ($27,827) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($12,270, 5% of purchase price) and a second mortgage for the rest ($15,557 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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