Loan Comparison: 6.3% vs 6.5%
1609 Platte Avenue, Colorado Springs, CO 80909 · 2bd/2ba · $615,000
List Price
$615,000
Assumable Rate
6.3%
Remaining Balance
$537,705
Equity Gap
$77,295
Loan Type
VAAdjust Your Scenario
$30,750
$30,750$77,295
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 6.3% (VA)
Blended Rate: 6.40%
Monthly Payment Comparison
New Conventional @ 6.5%
$3,693/moAssumable @ 6.3% + gap loan
$3,654/moAssumed loan: $3,328/mo
Gap financing: $325/mo
$39less per month with the assumable
Your Savings on This Property
1609 Platte Avenue, Colorado Springs · 6.3% VA vs 6.5% conventional
$39
per month
$470
per year
$14,098
over 30 years
$14,098
interest saved
How gap financing works: The equity gap ($77,295) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($30,750, 5% of purchase price) and a second mortgage for the rest ($46,545 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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