Loan Comparison: 3.5% vs 6.5%
1151 Terrace Road, Colorado Springs, CO 80904 · 6bd/3ba · $689,000
List Price
$689,000
Assumable Rate
3.5%
Remaining Balance
$163,143
Equity Gap
$525,857
Loan Type
VAAdjust Your Scenario
$34,450
$34,450$525,857
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.5% (VA)
Blended Rate: 6.50%
Monthly Payment Comparison
New Conventional @ 6.5%
$4,137/moAssumable @ 3.5% + gap loan
$4,169/moAssumed loan: $733/mo
Gap financing: $3,436/mo
Your Savings on This Property
1151 Terrace Road, Colorado Springs · 3.5% VA vs 6.5% conventional
$0
per month
$0
per year
$0
over 30 years
$0
interest saved
How gap financing works: The equity gap ($525,857) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($34,450, 5% of purchase price) and a second mortgage for the rest ($491,407 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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