Loan Comparison: 5.41% vs 6.5%
3231 Michigan, Colorado Springs, CO 80910 · 4bd/2ba · $380,000
List Price
$380,000
Assumable Rate
5.41%
Remaining Balance
$356,567
Equity Gap
$23,432
Loan Type
VAAdjust Your Scenario
$19,000
$19,000$23,432
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 5.41% (VA)
Blended Rate: 5.45%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,282/moAssumable @ 5.41% + gap loan
$2,039/moAssumed loan: $2,004/mo
Gap financing: $34/mo
$243less per month with the assumable
Your Savings on This Property
3231 Michigan, Colorado Springs · 5.41% VA vs 6.5% conventional
$243
per month
$2,919
per year
$87,562
over 30 years
$87,561
interest saved
How gap financing works: The equity gap ($23,432) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($19,000, 5% of purchase price) and a second mortgage for the rest ($4,432 at 8.5%). 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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