Loan Comparison: 3.18% vs 6.5%
4740 Whimsical Drive, Colorado Springs, CO 80917 · 2bd/2ba · $430,000
List Price
$430,000
Assumable Rate
3.18%
Remaining Balance
$381,560
Equity Gap
$48,440
Loan Type
VAAdjust Your Scenario
$21,500
$21,500$48,440
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.18% (VA)
Blended Rate: 3.46%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,582/moAssumable @ 3.18% + gap loan
$1,834/moAssumed loan: $1,646/mo
Gap financing: $188/mo
$748less per month with the assumable
Your Savings on This Property
4740 Whimsical Drive, Colorado Springs · 3.18% VA vs 6.5% conventional
$748
per month
$8,972
per year
$269,165
over 30 years
$269,165
interest saved
How gap financing works: The equity gap ($48,440) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($21,500, 5% of purchase price) and a second mortgage for the rest ($26,940 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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