Loan Comparison: 3% vs 6.5%
1607 Pikes Peak Avenue, Colorado Springs, CO 80904 · 2bd/2ba · $1,200,000
List Price
$1,200,000
Assumable Rate
3%
Remaining Balance
$558,854
Equity Gap
$641,146
Loan Type
VAAdjust Your Scenario
$60,000
$60,000$641,146
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3% (VA)
Blended Rate: 5.29%
Monthly Payment Comparison
New Conventional @ 6.5%
$7,206/moAssumable @ 3% + gap loan
$6,420/moAssumed loan: $2,356/mo
Gap financing: $4,063/mo
$786less per month with the assumable
Your Savings on This Property
1607 Pikes Peak Avenue, Colorado Springs · 3% VA vs 6.5% conventional
$786
per month
$9,432
per year
$282,948
over 30 years
$282,948
interest saved
How gap financing works: The equity gap ($641,146) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($60,000, 5% of purchase price) and a second mortgage for the rest ($581,146 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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