Loan Comparison: 2.9% vs 6.5%
4353 Charleston Drive, Colorado Springs, CO 80916 · 3bd/3ba · $261,000
List Price
$261,000
Assumable Rate
2.9%
Remaining Balance
$169,810
Equity Gap
$91,189
Loan Type
VAAdjust Your Scenario
$13,050
$13,050$91,189
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.9% (VA)
Blended Rate: 4.35%
Monthly Payment Comparison
New Conventional @ 6.5%
$1,567/moAssumable @ 2.9% + gap loan
$1,253/moAssumed loan: $707/mo
Gap financing: $546/mo
$314less per month with the assumable
Your Savings on This Property
4353 Charleston Drive, Colorado Springs · 2.9% VA vs 6.5% conventional
$314
per month
$3,769
per year
$113,059
over 30 years
$113,058
interest saved
How gap financing works: The equity gap ($91,189) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($13,050, 5% of purchase price) and a second mortgage for the rest ($78,139 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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