Loan Comparison: 3.1% vs 6.5%
4709 Tetman Lane, Colorado Springs, CO 80916 · 2bd/2ba · $424,900
List Price
$424,900
Assumable Rate
3.1%
Remaining Balance
$149,081
Equity Gap
$275,819
Loan Type
VAAdjust Your Scenario
$21,245
$21,245$275,819
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.1% (VA)
Blended Rate: 5.87%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,551/moAssumable @ 3.1% + gap loan
$2,417/moAssumed loan: $637/mo
Gap financing: $1,780/mo
$135less per month with the assumable
Your Savings on This Property
4709 Tetman Lane, Colorado Springs · 3.1% VA vs 6.5% conventional
$135
per month
$1,617
per year
$48,512
over 30 years
$48,512
interest saved
How gap financing works: The equity gap ($275,819) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($21,245, 5% of purchase price) and a second mortgage for the rest ($254,574 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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