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
$376,054
Equity Gap
$38,945
Loan Type
VAAdjust Your Scenario
$20,750
$20,750$38,945
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.06% (VA)
Blended Rate: 3.31%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,492/moAssumable @ 3.06% + gap loan
$1,738/moAssumed loan: $1,598/mo
Gap financing: $140/mo
$754less per month with the assumable
Your Savings on This Property
6773 Galpin, Colorado Springs · 3.06% VA vs 6.5% conventional
$754
per month
$9,052
per year
$271,573
over 30 years
$271,572
interest saved
How gap financing works: The equity gap ($38,945) 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 ($18,195 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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