Loan Comparison: 3.72% vs 6.5%
6315 Basalt, Colorado Springs, CO 80922 · 4bd/4ba · $495,000
List Price
$495,000
Assumable Rate
3.72%
Remaining Balance
$254,290
Equity Gap
$240,709
Loan Type
VAAdjust Your Scenario
$24,750
$24,750$240,709
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.72% (VA)
Blended Rate: 5.92%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,972/moAssumable @ 3.72% + gap loan
$2,834/moAssumed loan: $1,173/mo
Gap financing: $1,661/mo
$138less per month with the assumable
Your Savings on This Property
6315 Basalt, Colorado Springs · 3.72% VA vs 6.5% conventional
$138
per month
$1,661
per year
$49,835
over 30 years
$49,834
interest saved
How gap financing works: The equity gap ($240,709) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($24,750, 5% of purchase price) and a second mortgage for the rest ($215,959 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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