Loan Comparison: 3.06% vs 6.5%
6773 Galpin, Colorado Springs, CO 80925 · 4bd/3ba · $415,000
List Price
$415,000
Assumable Rate
3.06%
Remaining Balance
$375,234
Equity Gap
$39,766
Loan Type
VAAdjust Your Scenario
$20,750
$20,750$39,766
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.06% (VA)
Blended Rate: 3.32%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,492/moAssumable @ 3.06% + gap loan
$1,740/moAssumed loan: $1,594/mo
Gap financing: $146/mo
$752less per month with the assumable
Your Savings on This Property
6773 Galpin, Colorado Springs · 3.06% VA vs 6.5% conventional
$752
per month
$9,019
per year
$270,555
over 30 years
$270,555
interest saved
How gap financing works: The equity gap ($39,766) 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 ($19,016 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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