Loan Comparison: 3.99% vs 6.5%
1013 Platte Avenue, Colorado Springs, CO 80903 · 3bd/3ba · $320,000
List Price
$320,000
Assumable Rate
3.99%
Remaining Balance
$16,233
Equity Gap
$303,767
Loan Type
VAAdjust Your Scenario
$16,000
$16,000$303,767
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.99% (VA)
Blended Rate: 7.31%
Monthly Payment Comparison
New Conventional @ 6.5%
$1,921/moAssumable @ 3.99% + gap loan
$2,090/moAssumed loan: $77/mo
Gap financing: $2,012/mo
Your Savings on This Property
1013 Platte Avenue, Colorado Springs · 3.99% 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 ($303,767) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($16,000, 5% of purchase price) and a second mortgage for the rest ($287,767 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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