Loan Comparison: 3.875% vs 6.5%
1010 Fontmore, Colorado Springs, CO 80904 · 3bd/2ba · $385,000
List Price
$385,000
Assumable Rate
3.875%
Remaining Balance
$231,197
Equity Gap
$153,803
Loan Type
VAAdjust Your Scenario
$19,250
$19,250$153,803
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.875% (VA)
Blended Rate: 5.58%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,312/moAssumable @ 3.875% + gap loan
$2,122/moAssumed loan: $1,087/mo
Gap financing: $1,035/mo
$190less per month with the assumable
Your Savings on This Property
1010 Fontmore, Colorado Springs · 3.875% VA vs 6.5% conventional
$190
per month
$2,280
per year
$68,407
over 30 years
$68,407
interest saved
How gap financing works: The equity gap ($153,803) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($19,250, 5% of purchase price) and a second mortgage for the rest ($134,553 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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