Loan Comparison: 4% vs 6.5%
9084 Pennycress Drive, Colorado Springs, CO 80925 · 3bd/3ba · $500,000
List Price
$500,000
Assumable Rate
4%
Remaining Balance
$414,021
Equity Gap
$85,979
Loan Type
VAAdjust Your Scenario
$25,000
$25,000$85,979
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 4% (VA)
Blended Rate: 4.45%
Monthly Payment Comparison
New Conventional @ 6.5%
$3,002/moAssumable @ 4% + gap loan
$2,403/moAssumed loan: $1,977/mo
Gap financing: $426/mo
$599less per month with the assumable
Your Savings on This Property
9084 Pennycress Drive, Colorado Springs · 4% VA vs 6.5% conventional
$599
per month
$7,192
per year
$215,766
over 30 years
$215,766
interest saved
How gap financing works: The equity gap ($85,979) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($25,000, 5% of purchase price) and a second mortgage for the rest ($60,979 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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