Loan Comparison: 3.75% vs 6.5%
2218 Merlot Drive, Colorado Springs, CO 80921 · 5bd/5ba · $1,325,000
List Price
$1,325,000
Assumable Rate
3.75%
Remaining Balance
$961,533
Equity Gap
$363,466
Loan Type
VAAdjust Your Scenario
$66,250
$66,250$363,466
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.75% (VA)
Blended Rate: 4.64%
Monthly Payment Comparison
New Conventional @ 6.5%
$7,956/moAssumable @ 3.75% + gap loan
$6,531/moAssumed loan: $4,453/mo
Gap financing: $2,078/mo
$1,425less per month with the assumable
Your Savings on This Property
2218 Merlot Drive, Colorado Springs · 3.75% VA vs 6.5% conventional
$1,425
per month
$17,100
per year
$512,989
over 30 years
$512,988
interest saved
How gap financing works: The equity gap ($363,466) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($66,250, 5% of purchase price) and a second mortgage for the rest ($297,216 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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