Loan Comparison: 3.86% vs 6.5%
7420 Cottage Grove Court, Colorado Springs, CO 80911 · 4bd/2ba · $408,000
List Price
$408,000
Assumable Rate
3.86%
Remaining Balance
$81,677
Equity Gap
$326,323
Loan Type
VAAdjust Your Scenario
$20,400
$20,400$326,323
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.86% (VA)
Blended Rate: 6.73%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,450/moAssumable @ 3.86% + gap loan
$2,522/moAssumed loan: $383/mo
Gap financing: $2,139/mo
Your Savings on This Property
7420 Cottage Grove Court, Colorado Springs · 3.86% VA vs 6.5% conventional
$0
per month
$0
per year
$0
over 30 years
$0
interest saved
How gap financing works: The equity gap ($326,323) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($20,400, 5% of purchase price) and a second mortgage for the rest ($305,923 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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