Loan Comparison: 3.88% vs 6.5%
1774 Grand Overlook, Colorado Springs, CO 80910 · 3bd/3ba · $319,999
List Price
$319,999
Assumable Rate
3.88%
Remaining Balance
$180,437
Equity Gap
$139,562
Loan Type
VAAdjust Your Scenario
$16,000
$16,000$139,562
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.88% (VA)
Blended Rate: 5.76%
Monthly Payment Comparison
New Conventional @ 6.5%
$1,921/moAssumable @ 3.88% + gap loan
$1,799/moAssumed loan: $849/mo
Gap financing: $950/mo
$122less per month with the assumable
Your Savings on This Property
1774 Grand Overlook, Colorado Springs · 3.88% VA vs 6.5% conventional
$122
per month
$1,469
per year
$44,063
over 30 years
$44,063
interest saved
How gap financing works: The equity gap ($139,562) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($16,000, 5% of purchase price) and a second mortgage for the rest ($123,562 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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