Loan Comparison: 4.78% vs 6.5%
6260 Garlock Way, Colorado Springs, CO 80918 · 3bd/3ba · $633,000
List Price
$633,000
Assumable Rate
4.78%
Remaining Balance
$143,650
Equity Gap
$489,349
Loan Type
VAAdjust Your Scenario
$31,650
$31,650$489,349
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 4.78% (VA)
Blended Rate: 6.85%
Monthly Payment Comparison
New Conventional @ 6.5%
$3,801/moAssumable @ 4.78% + gap loan
$3,952/moAssumed loan: $752/mo
Gap financing: $3,200/mo
Your Savings on This Property
6260 Garlock Way, Colorado Springs · 4.78% VA vs 6.5% conventional
$0
per month
$0
per year
$0
over 30 years
$0
interest saved
How gap financing works: The equity gap ($489,349) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($31,650, 5% of purchase price) and a second mortgage for the rest ($457,699 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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