Loan Comparison: 3% vs 6.5%
3715 Strawberry Field Grove, Colorado Springs, CO 80906 · 3bd/2ba · $245,000
List Price
$245,000
Assumable Rate
3%
Remaining Balance
$105,566
Equity Gap
$139,433
Loan Type
VAAdjust Your Scenario
$12,250
$12,250$139,433
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3% (VA)
Blended Rate: 5.46%
Monthly Payment Comparison
New Conventional @ 6.5%
$1,471/moAssumable @ 3% + gap loan
$1,334/moAssumed loan: $445/mo
Gap financing: $889/mo
$137less per month with the assumable
Your Savings on This Property
3715 Strawberry Field Grove, Colorado Springs · 3% VA vs 6.5% conventional
$137
per month
$1,641
per year
$49,243
over 30 years
$49,242
interest saved
How gap financing works: The equity gap ($139,433) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($12,250, 5% of purchase price) and a second mortgage for the rest ($127,183 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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