Loan Comparison: 6.27% vs 6.5%
6145 Faxon Court, Colorado Springs, CO 80922 · 4bd/3ba · $529,900
List Price
$529,900
Assumable Rate
6.27%
Remaining Balance
$490,237
Equity Gap
$39,663
Loan Type
VAAdjust Your Scenario
$26,495
$26,495$39,663
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 6.27% (VA)
Blended Rate: 6.30%
Monthly Payment Comparison
New Conventional @ 6.5%
$3,182/moAssumable @ 6.27% + gap loan
$3,117/moAssumed loan: $3,025/mo
Gap financing: $92/mo
$65less per month with the assumable
Your Savings on This Property
6145 Faxon Court, Colorado Springs · 6.27% VA vs 6.5% conventional
$65
per month
$779
per year
$23,377
over 30 years
$23,377
interest saved
How gap financing works: The equity gap ($39,663) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($26,495, 5% of purchase price) and a second mortgage for the rest ($13,168 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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