Loan Comparison: 5.23% vs 6.5%
7784 Frigid Air, Colorado Springs, CO 80908 · 4bd/4ba · $530,000
List Price
$530,000
Assumable Rate
5.23%
Remaining Balance
$489,266
Equity Gap
$40,734
Loan Type
VAAdjust Your Scenario
$26,500
$26,500$40,734
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 5.23% (VA)
Blended Rate: 5.32%
Monthly Payment Comparison
New Conventional @ 6.5%
$3,182/moAssumable @ 5.23% + gap loan
$2,805/moAssumed loan: $2,696/mo
Gap financing: $109/mo
$377less per month with the assumable
Your Savings on This Property
7784 Frigid Air, Colorado Springs · 5.23% VA vs 6.5% conventional
$377
per month
$4,528
per year
$135,838
over 30 years
$135,838
interest saved
How gap financing works: The equity gap ($40,734) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($26,500, 5% of purchase price) and a second mortgage for the rest ($14,234 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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