Loan Comparison: 3.05% vs 6.5%
1228 Fagin Drive, Colorado Springs, CO 80915 · 4bd/3ba · $379,000
List Price
$379,000
Assumable Rate
3.05%
Remaining Balance
$343,871
Equity Gap
$35,129
Loan Type
VAAdjust Your Scenario
$18,950
$18,950$35,129
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.05% (VA)
Blended Rate: 3.25%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,276/moAssumable @ 3.05% + gap loan
$1,572/moAssumed loan: $1,459/mo
Gap financing: $113/mo
$704less per month with the assumable
Your Savings on This Property
1228 Fagin Drive, Colorado Springs · 3.05% VA vs 6.5% conventional
$704
per month
$8,443
per year
$253,286
over 30 years
$253,286
interest saved
How gap financing works: The equity gap ($35,129) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($18,950, 5% of purchase price) and a second mortgage for the rest ($16,179 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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