Loan Comparison: 3.75% vs 6.5%
1138 Florence Avenue, Colorado Springs, CO 80905 · 3bd/1ba · $374,900
List Price
$374,900
Assumable Rate
3.75%
Remaining Balance
$336,659
Equity Gap
$38,241
Loan Type
VAAdjust Your Scenario
$18,745
$18,745$38,241
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.75% (VA)
Blended Rate: 3.96%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,251/moAssumable @ 3.75% + gap loan
$1,695/moAssumed loan: $1,559/mo
Gap financing: $136/mo
$556less per month with the assumable
Your Savings on This Property
1138 Florence Avenue, Colorado Springs · 3.75% VA vs 6.5% conventional
$556
per month
$6,668
per year
$200,053
over 30 years
$200,053
interest saved
How gap financing works: The equity gap ($38,241) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($18,745, 5% of purchase price) and a second mortgage for the rest ($19,496 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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