Loan Comparison: 3.01% vs 6.5%
1127 Westmoreland Road, Colorado Springs, CO 80911 · 3bd/3ba · $399,999
List Price
$399,999
Assumable Rate
3.01%
Remaining Balance
$335,688
Equity Gap
$64,311
Loan Type
VAAdjust Your Scenario
$20,000
$20,000$64,311
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.01% (VA)
Blended Rate: 3.53%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,402/moAssumable @ 3.01% + gap loan
$1,727/moAssumed loan: $1,417/mo
Gap financing: $310/mo
$675less per month with the assumable
Your Savings on This Property
1127 Westmoreland Road, Colorado Springs · 3.01% VA vs 6.5% conventional
$675
per month
$8,099
per year
$242,978
over 30 years
$242,978
interest saved
How gap financing works: The equity gap ($64,311) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($20,000, 5% of purchase price) and a second mortgage for the rest ($44,311 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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