Loan Comparison: 3.06% vs 6.5%
1007 Sun, Colorado Springs, CO 80905 · 4bd/3ba · $599,000
List Price
$599,000
Assumable Rate
3.06%
Remaining Balance
$374,423
Equity Gap
$224,576
Loan Type
VAAdjust Your Scenario
$29,950
$29,950$224,576
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.06% (VA)
Blended Rate: 4.92%
Monthly Payment Comparison
New Conventional @ 6.5%
$3,597/moAssumable @ 3.06% + gap loan
$3,087/moAssumed loan: $1,591/mo
Gap financing: $1,497/mo
$510less per month with the assumable
Your Savings on This Property
1007 Sun, Colorado Springs · 3.06% VA vs 6.5% conventional
$510
per month
$6,115
per year
$183,439
over 30 years
$183,438
interest saved
How gap financing works: The equity gap ($224,576) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($29,950, 5% of purchase price) and a second mortgage for the rest ($194,626 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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