Loan Comparison: 3.85% vs 6.5%
7310 Clovis, Colorado Springs, CO 80908 · 5bd/5ba · $975,000
List Price
$975,000
Assumable Rate
3.85%
Remaining Balance
$539,105
Equity Gap
$435,894
Loan Type
VAAdjust Your Scenario
$48,750
$48,750$435,894
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.85% (VA)
Blended Rate: 5.79%
Monthly Payment Comparison
New Conventional @ 6.5%
$5,855/moAssumable @ 3.85% + gap loan
$5,504/moAssumed loan: $2,527/mo
Gap financing: $2,977/mo
$350less per month with the assumable
Your Savings on This Property
7310 Clovis, Colorado Springs · 3.85% VA vs 6.5% conventional
$350
per month
$4,204
per year
$126,129
over 30 years
$126,128
interest saved
How gap financing works: The equity gap ($435,894) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($48,750, 5% of purchase price) and a second mortgage for the rest ($387,144 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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