Loan Comparison: 3.17% vs 6.5%
1065 Applewood Drive, Colorado Springs, CO 80907 · 3bd/1ba · $340,000
List Price
$340,000
Assumable Rate
3.17%
Remaining Balance
$5,853
Equity Gap
$334,147
Loan Type
VAAdjust Your Scenario
$17,000
$17,000$334,147
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.17% (VA)
Blended Rate: 7.42%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,042/moAssumable @ 3.17% + gap loan
$2,243/moAssumed loan: $25/mo
Gap financing: $2,218/mo
Your Savings on This Property
1065 Applewood Drive, Colorado Springs · 3.17% VA vs 6.5% conventional
$0
per month
$0
per year
$0
over 30 years
$0
interest saved
How gap financing works: The equity gap ($334,147) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($17,000, 5% of purchase price) and a second mortgage for the rest ($317,147 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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