Loan Comparison: 3.51% vs 6.5%
54 Goret Drive, Colorado Springs, CO 80911 · 3bd/1ba · $260,000
List Price
$260,000
Assumable Rate
3.51%
Remaining Balance
$194,877
Equity Gap
$65,123
Loan Type
VAAdjust Your Scenario
$13,000
$13,000$65,123
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.51% (VA)
Blended Rate: 4.35%
Monthly Payment Comparison
New Conventional @ 6.5%
$1,561/moAssumable @ 3.51% + gap loan
$1,241/moAssumed loan: $876/mo
Gap financing: $364/mo
$321less per month with the assumable
Your Savings on This Property
54 Goret Drive, Colorado Springs · 3.51% VA vs 6.5% conventional
$321
per month
$3,847
per year
$115,410
over 30 years
$115,410
interest saved
How gap financing works: The equity gap ($65,123) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($13,000, 5% of purchase price) and a second mortgage for the rest ($52,123 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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