Loan Comparison: 3.08% vs 6.5%
4019 Charleston Drive, Colorado Springs, CO 80916 · 3bd/2ba · $245,400
List Price
$245,400
Assumable Rate
3.08%
Remaining Balance
$217,168
Equity Gap
$28,231
Loan Type
VAAdjust Your Scenario
$12,270
$12,270$28,231
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.08% (VA)
Blended Rate: 3.38%
Monthly Payment Comparison
New Conventional @ 6.5%
$1,474/moAssumable @ 3.08% + gap loan
$1,037/moAssumed loan: $925/mo
Gap financing: $112/mo
$437less per month with the assumable
Your Savings on This Property
4019 Charleston Drive, Colorado Springs · 3.08% VA vs 6.5% conventional
$437
per month
$5,243
per year
$157,303
over 30 years
$157,302
interest saved
How gap financing works: The equity gap ($28,231) 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 ($15,961 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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