Loan Comparison: 3.1% vs 6.5%
6005 San Mateo Drive, Colorado Springs, CO 80911 · 4bd/2ba · $440,000
List Price
$440,000
Assumable Rate
3.1%
Remaining Balance
$411,678
Equity Gap
$28,322
Loan Type
VAAdjust Your Scenario
$22,000
$22,000$28,322
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.1% (VA)
Blended Rate: 3.17%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,642/moAssumable @ 3.1% + gap loan
$1,802/moAssumed loan: $1,758/mo
Gap financing: $44/mo
$840less per month with the assumable
Your Savings on This Property
6005 San Mateo Drive, Colorado Springs · 3.1% VA vs 6.5% conventional
$840
per month
$10,079
per year
$302,367
over 30 years
$302,367
interest saved
How gap financing works: The equity gap ($28,322) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($22,000, 5% of purchase price) and a second mortgage for the rest ($6,322 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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