Loan Comparison: 3.03% vs 6.5%
1343 Chesham Circle, Colorado Springs, CO 80907 · 2bd/1ba · $495,000
List Price
$495,000
Assumable Rate
3.03%
Remaining Balance
$351,306
Equity Gap
$143,693
Loan Type
VAAdjust Your Scenario
$24,750
$24,750$143,693
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.03% (VA)
Blended Rate: 4.16%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,972/moAssumable @ 3.03% + gap loan
$2,318/moAssumed loan: $1,487/mo
Gap financing: $832/mo
$654less per month with the assumable
Your Savings on This Property
1343 Chesham Circle, Colorado Springs · 3.03% VA vs 6.5% conventional
$654
per month
$7,846
per year
$235,376
over 30 years
$235,375
interest saved
How gap financing works: The equity gap ($143,693) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($24,750, 5% of purchase price) and a second mortgage for the rest ($118,943 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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