Loan Comparison: 3.09% vs 6.5%
1120 Maxwell Street, Colorado Springs, CO 80919 · 6bd/4ba · $330,000
List Price
$330,000
Assumable Rate
3.09%
Remaining Balance
$221,967
Equity Gap
$108,032
Loan Type
VAAdjust Your Scenario
$16,500
$16,500$108,032
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.09% (VA)
Blended Rate: 4.38%
Monthly Payment Comparison
New Conventional @ 6.5%
$1,982/moAssumable @ 3.09% + gap loan
$1,587/moAssumed loan: $947/mo
Gap financing: $640/mo
$395less per month with the assumable
Your Savings on This Property
1120 Maxwell Street, Colorado Springs · 3.09% VA vs 6.5% conventional
$395
per month
$4,739
per year
$142,163
over 30 years
$142,162
interest saved
How gap financing works: The equity gap ($108,032) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($16,500, 5% of purchase price) and a second mortgage for the rest ($91,532 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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