Loan Comparison: 3.1% vs 6.5%
1812 Pikes Peak Avenue, Colorado Springs, CO 80904 · 2bd/2ba · $697,500
List Price
$697,500
Assumable Rate
3.1%
Remaining Balance
$341,205
Equity Gap
$356,295
Loan Type
VAAdjust Your Scenario
$34,875
$34,875$356,295
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.1% (VA)
Blended Rate: 5.23%
Monthly Payment Comparison
New Conventional @ 6.5%
$4,188/moAssumable @ 3.1% + gap loan
$3,704/moAssumed loan: $1,457/mo
Gap financing: $2,247/mo
$484less per month with the assumable
Your Savings on This Property
1812 Pikes Peak Avenue, Colorado Springs · 3.1% VA vs 6.5% conventional
$484
per month
$5,806
per year
$174,177
over 30 years
$174,177
interest saved
How gap financing works: The equity gap ($356,295) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($34,875, 5% of purchase price) and a second mortgage for the rest ($321,420 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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