Loan Comparison: 3.34% vs 6.5%
12498 Cloudy Bay, Colorado Springs, CO 80921 · 6bd/5ba · $1,275,000
List Price
$1,275,000
Assumable Rate
3.34%
Remaining Balance
$585,384
Equity Gap
$689,616
Loan Type
VAAdjust Your Scenario
$63,750
$63,750$689,616
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.34% (VA)
Blended Rate: 6.01%
Monthly Payment Comparison
New Conventional @ 6.5%
$7,656/moAssumable @ 3.34% + gap loan
$7,389/moAssumed loan: $2,577/mo
Gap financing: $4,812/mo
$267less per month with the assumable
Your Savings on This Property
12498 Cloudy Bay, Colorado Springs · 3.34% VA vs 6.5% conventional
$267
per month
$3,203
per year
$96,092
over 30 years
$96,092
interest saved
How gap financing works: The equity gap ($689,616) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($63,750, 5% of purchase price) and a second mortgage for the rest ($625,866 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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