Loan Comparison: 3.02% vs 6.5%
9359 Arklow, Colorado Springs, CO 80927 · 3bd/3ba · $405,000
List Price
$405,000
Assumable Rate
3.02%
Remaining Balance
$289,066
Equity Gap
$115,934
Loan Type
VAAdjust Your Scenario
$20,250
$20,250$115,934
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.02% (VA)
Blended Rate: 4.38%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,432/moAssumable @ 3.02% + gap loan
$1,958/moAssumed loan: $1,222/mo
Gap financing: $736/mo
$474less per month with the assumable
Your Savings on This Property
9359 Arklow, Colorado Springs · 3.02% VA vs 6.5% conventional
$474
per month
$5,692
per year
$170,755
over 30 years
$170,755
interest saved
How gap financing works: The equity gap ($115,934) 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 ($95,684 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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