Loan Comparison: 3.18% vs 6.5%
1515 McArthur Avenue, Colorado Springs, CO 80909 · 4bd/3ba · $340,000
List Price
$340,000
Assumable Rate
3.18%
Remaining Balance
$256,122
Equity Gap
$83,877
Loan Type
VAAdjust Your Scenario
$17,000
$17,000$83,877
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.18% (VA)
Blended Rate: 4.07%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,042/moAssumable @ 3.18% + gap loan
$1,572/moAssumed loan: $1,105/mo
Gap financing: $468/mo
$469less per month with the assumable
Your Savings on This Property
1515 McArthur Avenue, Colorado Springs · 3.18% VA vs 6.5% conventional
$469
per month
$5,629
per year
$168,884
over 30 years
$168,883
interest saved
How gap financing works: The equity gap ($83,877) 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 ($66,877 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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