Loan Comparison: 3% vs 6.5%
4610 Hennings Drive, Colorado Springs, CO 80911 · 4bd/3ba · $368,000
List Price
$368,000
Assumable Rate
3%
Remaining Balance
$322,876
Equity Gap
$45,123
Loan Type
VAAdjust Your Scenario
$18,400
$18,400$45,123
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3% (VA)
Blended Rate: 3.34%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,210/moAssumable @ 3% + gap loan
$1,548/moAssumed loan: $1,361/mo
Gap financing: $187/mo
$662less per month with the assumable
Your Savings on This Property
4610 Hennings Drive, Colorado Springs · 3% VA vs 6.5% conventional
$662
per month
$7,939
per year
$238,176
over 30 years
$238,175
interest saved
How gap financing works: The equity gap ($45,123) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($18,400, 5% of purchase price) and a second mortgage for the rest ($26,723 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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