Loan Comparison: 3.73% vs 6.5%
3 Otowi Drive, Colorado Springs, CO 80911 · 3bd/1ba · $284,900
List Price
$284,900
Assumable Rate
3.73%
Remaining Balance
$206,086
Equity Gap
$78,814
Loan Type
VAAdjust Your Scenario
$14,245
$14,245$78,814
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.73% (VA)
Blended Rate: 4.63%
Monthly Payment Comparison
New Conventional @ 6.5%
$1,711/moAssumable @ 3.73% + gap loan
$1,404/moAssumed loan: $952/mo
Gap financing: $451/mo
$307less per month with the assumable
Your Savings on This Property
3 Otowi Drive, Colorado Springs · 3.73% VA vs 6.5% conventional
$307
per month
$3,686
per year
$110,581
over 30 years
$110,581
interest saved
How gap financing works: The equity gap ($78,814) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($14,245, 5% of purchase price) and a second mortgage for the rest ($64,569 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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