Loan Comparison: 3.02% vs 6.5%
1986 Riverwalk, Colorado Springs, CO 80951 · 3bd/3ba · $415,000
List Price
$415,000
Assumable Rate
3.02%
Remaining Balance
$237,436
Equity Gap
$177,563
Loan Type
VAAdjust Your Scenario
$20,750
$20,750$177,563
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.02% (VA)
Blended Rate: 5.20%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,492/moAssumable @ 3.02% + gap loan
$2,209/moAssumed loan: $1,004/mo
Gap financing: $1,206/mo
$283less per month with the assumable
Your Savings on This Property
1986 Riverwalk, Colorado Springs · 3.02% VA vs 6.5% conventional
$283
per month
$3,391
per year
$101,725
over 30 years
$101,724
interest saved
How gap financing works: The equity gap ($177,563) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($20,750, 5% of purchase price) and a second mortgage for the rest ($156,813 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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