Loan Comparison: 5.22% vs 6.5%
7385 Powderwash, Colorado Springs, CO 80911 · 4bd/2ba · $388,000
List Price
$388,000
Assumable Rate
5.22%
Remaining Balance
$359,479
Equity Gap
$28,520
Loan Type
VAAdjust Your Scenario
$19,400
$19,400$28,520
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 5.22% (VA)
Blended Rate: 5.30%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,330/moAssumable @ 5.22% + gap loan
$2,049/moAssumed loan: $1,978/mo
Gap financing: $70/mo
$281less per month with the assumable
Your Savings on This Property
7385 Powderwash, Colorado Springs · 5.22% VA vs 6.5% conventional
$281
per month
$3,376
per year
$101,266
over 30 years
$101,265
interest saved
How gap financing works: The equity gap ($28,520) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($19,400, 5% of purchase price) and a second mortgage for the rest ($9,120 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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