Loan Comparison: 3.06% vs 6.5%
6773 Galpin, Colorado Springs, CO 80925 · 4bd/3ba · $405,000
List Price
$405,000
Assumable Rate
3.06%
Remaining Balance
$374,411
Equity Gap
$28,127
Loan Type
VAAdjust Your Scenario
$20,250
$20,250$28,127
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.06% (VA)
Blended Rate: 3.17%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,432/moAssumable @ 3.06% + gap loan
$1,651/moAssumed loan: $1,591/mo
Gap financing: $61/mo
$781less per month with the assumable
Your Savings on This Property
6773 Galpin, Colorado Springs · 3.06% VA vs 6.5% conventional
$781
per month
$9,368
per year
$281,031
over 30 years
$278,569
interest saved
How gap financing works: The equity gap ($28,127) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($20,250, 5% of purchase price) and a second mortgage for the rest ($7,877 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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