Loan Comparison: 3.07% vs 6.5%
2455 Payne Circle, Colorado Springs, CO 80916 · 3bd/1ba · $375,000
List Price
$375,000
Assumable Rate
3.07%
Remaining Balance
$345,263
Equity Gap
$29,737
Loan Type
VAAdjust Your Scenario
$18,750
$18,750$29,737
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.07% (VA)
Blended Rate: 3.21%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,252/moAssumable @ 3.07% + gap loan
$1,546/moAssumed loan: $1,469/mo
Gap financing: $77/mo
$706less per month with the assumable
Your Savings on This Property
2455 Payne Circle, Colorado Springs · 3.07% VA vs 6.5% conventional
$706
per month
$8,475
per year
$254,236
over 30 years
$254,236
interest saved
How gap financing works: The equity gap ($29,737) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($18,750, 5% of purchase price) and a second mortgage for the rest ($10,987 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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