Loan Comparison: 5.54% vs 6.5%
318 Kenwood Circle, Colorado Springs, CO 80910 · 3bd/3ba · $360,000
List Price
$360,000
Assumable Rate
5.54%
Remaining Balance
$339,536
Equity Gap
$20,463
Loan Type
VAAdjust Your Scenario
$18,000
$18,000$20,463
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 5.54% (VA)
Blended Rate: 5.55%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,162/moAssumable @ 5.54% + gap loan
$1,954/moAssumed loan: $1,936/mo
Gap financing: $17/mo
$208less per month with the assumable
Your Savings on This Property
318 Kenwood Circle, Colorado Springs · 5.54% VA vs 6.5% conventional
$208
per month
$2,497
per year
$74,906
over 30 years
$74,905
interest saved
How gap financing works: The equity gap ($20,463) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($18,000, 5% of purchase price) and a second mortgage for the rest ($2,463 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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