Loan Comparison: 3.5% vs 6.5%
7051 Preble Drive, Colorado Springs, CO 80905 · 4bd/3ba · $415,000
List Price
$415,000
Assumable Rate
3.5%
Remaining Balance
$291,649
Equity Gap
$123,351
Loan Type
VAAdjust Your Scenario
$20,750
$20,750$123,351
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.5% (VA)
Blended Rate: 4.54%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,492/moAssumable @ 3.5% + gap loan
$2,027/moAssumed loan: $1,310/mo
Gap financing: $717/mo
$465less per month with the assumable
Your Savings on This Property
7051 Preble Drive, Colorado Springs · 3.5% VA vs 6.5% conventional
$465
per month
$5,579
per year
$167,361
over 30 years
$167,361
interest saved
How gap financing works: The equity gap ($123,351) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($20,750, 5% of purchase price) and a second mortgage for the rest ($102,601 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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