Loan Comparison: 3.3% vs 6.5%
5019 Picket Drive, Colorado Springs, CO 80918 · 3bd/3ba · $453,900
List Price
$453,900
Assumable Rate
3.3%
Remaining Balance
$135,796
Equity Gap
$318,103
Loan Type
VAAdjust Your Scenario
$22,695
$22,695$318,103
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.3% (VA)
Blended Rate: 6.18%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,726/moAssumable @ 3.3% + gap loan
$2,660/moAssumed loan: $595/mo
Gap financing: $2,066/mo
$65less per month with the assumable
Your Savings on This Property
5019 Picket Drive, Colorado Springs · 3.3% VA vs 6.5% conventional
$65
per month
$783
per year
$23,489
over 30 years
$23,488
interest saved
How gap financing works: The equity gap ($318,103) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($22,695, 5% of purchase price) and a second mortgage for the rest ($295,408 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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