Loan Comparison: 4.99% vs 6.5%
3402 Springnite Drive, Colorado Springs, CO 80916 · 6bd/3ba · $309,000
List Price
$309,000
Assumable Rate
4.99%
Remaining Balance
$293,522
Equity Gap
$15,477
Loan Type
VAAdjust Your Scenario
$15,450
$15,450$15,477
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 4.99% (VA)
Blended Rate: 4.99%
Monthly Payment Comparison
New Conventional @ 6.5%
$1,855/moAssumable @ 4.99% + gap loan
$1,574/moAssumed loan: $1,574/mo
Gap financing: $0/mo
$281less per month with the assumable
Your Savings on This Property
3402 Springnite Drive, Colorado Springs · 4.99% VA vs 6.5% conventional
$281
per month
$3,376
per year
$101,286
over 30 years
$101,285
interest saved
How gap financing works: The equity gap ($15,477) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($15,450, 5% of purchase price) and a second mortgage for the rest ($27 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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