Loan Comparison: 3.1% vs 6.5%
9221 Chieftan Drive, Colorado Springs, CO 80925 · 3bd/3ba · $369,999
List Price
$369,999
Assumable Rate
3.1%
Remaining Balance
$337,039
Equity Gap
$32,959
Loan Type
VAAdjust Your Scenario
$18,500
$18,500$32,959
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.1% (VA)
Blended Rate: 3.28%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,222/moAssumable @ 3.1% + gap loan
$1,540/moAssumed loan: $1,439/mo
Gap financing: $101/mo
$681less per month with the assumable
Your Savings on This Property
9221 Chieftan Drive, Colorado Springs · 3.1% VA vs 6.5% conventional
$681
per month
$8,177
per year
$245,305
over 30 years
$245,304
interest saved
How gap financing works: The equity gap ($32,959) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($18,500, 5% of purchase price) and a second mortgage for the rest ($14,459 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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