Loan Comparison: 3.02% vs 6.5%
8375 Winding Passage, Colorado Springs, CO 80924 · 5bd/4ba · $550,000
List Price
$550,000
Assumable Rate
3.02%
Remaining Balance
$290,930
Equity Gap
$259,069
Loan Type
VAAdjust Your Scenario
$27,500
$27,500$259,069
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.02% (VA)
Blended Rate: 5.45%
Monthly Payment Comparison
New Conventional @ 6.5%
$3,303/moAssumable @ 3.02% + gap loan
$3,010/moAssumed loan: $1,230/mo
Gap financing: $1,781/mo
$292less per month with the assumable
Your Savings on This Property
8375 Winding Passage, Colorado Springs · 3.02% VA vs 6.5% conventional
$292
per month
$3,507
per year
$105,220
over 30 years
$105,219
interest saved
How gap financing works: The equity gap ($259,069) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($27,500, 5% of purchase price) and a second mortgage for the rest ($231,569 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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