Loan Comparison: 3.23% vs 6.5%
2406 Circle Drive, Colorado Springs, CO 80909 · 3bd/2ba · $379,900
List Price
$379,900
Assumable Rate
3.23%
Remaining Balance
$263,351
Equity Gap
$116,549
Loan Type
VAAdjust Your Scenario
$18,995
$18,995$116,549
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.23% (VA)
Blended Rate: 4.38%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,281/moAssumable @ 3.23% + gap loan
$1,825/moAssumed loan: $1,143/mo
Gap financing: $682/mo
$456less per month with the assumable
Your Savings on This Property
2406 Circle Drive, Colorado Springs · 3.23% VA vs 6.5% conventional
$456
per month
$5,470
per year
$164,096
over 30 years
$164,096
interest saved
How gap financing works: The equity gap ($116,549) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($18,995, 5% of purchase price) and a second mortgage for the rest ($97,554 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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