Loan Comparison: 6.87% vs 6.5%
3320 Blodgett Drive, Colorado Springs, CO 80919 · 5bd/3ba · $1,050,000
List Price
$1,050,000
Assumable Rate
6.87%
Remaining Balance
$795,169
Equity Gap
$254,830
Loan Type
VAAdjust Your Scenario
$52,500
$52,500$254,830
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 6.87% (VA)
Blended Rate: 7.00%
Monthly Payment Comparison
New Conventional @ 6.5%
$6,305/moAssumable @ 6.87% + gap loan
$6,636/moAssumed loan: $5,221/mo
Gap financing: $1,415/mo
Your Savings on This Property
3320 Blodgett Drive, Colorado Springs · 6.87% 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 ($254,830) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($52,500, 5% of purchase price) and a second mortgage for the rest ($202,330 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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