Loan Comparison: 3.07% vs 6.5%
10152 Castor Drive, Colorado Springs, CO 80925 · 4bd/2ba · $400,000
List Price
$400,000
Assumable Rate
3.07%
Remaining Balance
$315,540
Equity Gap
$84,459
Loan Type
VAAdjust Your Scenario
$20,000
$20,000$84,459
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.07% (VA)
Blended Rate: 3.82%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,402/moAssumable @ 3.07% + gap loan
$1,793/moAssumed loan: $1,342/mo
Gap financing: $451/mo
$609less per month with the assumable
Your Savings on This Property
10152 Castor Drive, Colorado Springs · 3.07% VA vs 6.5% conventional
$609
per month
$7,307
per year
$219,197
over 30 years
$219,196
interest saved
How gap financing works: The equity gap ($84,459) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($20,000, 5% of purchase price) and a second mortgage for the rest ($64,459 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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