Loan Comparison: 3.45% vs 6.5%
6723 Bishop Drive, Colorado Springs, CO 80918 · 3bd/3ba · $639,900
List Price
$639,900
Assumable Rate
3.45%
Remaining Balance
$154,334
Equity Gap
$485,565
Loan Type
VAAdjust Your Scenario
$31,995
$31,995$485,565
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.45% (VA)
Blended Rate: 6.47%
Monthly Payment Comparison
New Conventional @ 6.5%
$3,842/moAssumable @ 3.45% + gap loan
$3,860/moAssumed loan: $689/mo
Gap financing: $3,171/mo
Your Savings on This Property
6723 Bishop Drive, Colorado Springs · 3.45% 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 ($485,565) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($31,995, 5% of purchase price) and a second mortgage for the rest ($453,570 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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