Loan Comparison: 3.47% vs 6.5%
5505 Teakwood, Colorado Springs, CO 80918 · 4bd/3ba · $610,000
List Price
$610,000
Assumable Rate
3.47%
Remaining Balance
$283,573
Equity Gap
$324,540
Loan Type
VAAdjust Your Scenario
$30,500
$30,500$324,540
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.47% (VA)
Blended Rate: 6.03%
Monthly Payment Comparison
New Conventional @ 6.5%
$3,663/moAssumable @ 3.47% + gap loan
$3,530/moAssumed loan: $1,269/mo
Gap financing: $2,261/mo
$133less per month with the assumable
Your Savings on This Property
5505 Teakwood, Colorado Springs · 3.47% VA vs 6.5% conventional
$133
per month
$1,600
per year
$47,986
over 30 years
$46,099
interest saved
How gap financing works: The equity gap ($324,540) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($30,500, 5% of purchase price) and a second mortgage for the rest ($294,040 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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