Loan Comparison: 3.47% vs 6.5%
5505 Teakwood, Colorado Springs, CO 80918 · 4bd/3ba · $619,000
List Price
$619,000
Assumable Rate
3.47%
Remaining Balance
$284,204
Equity Gap
$334,796
Loan Type
VAAdjust Your Scenario
$30,950
$30,950$334,796
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.47% (VA)
Blended Rate: 6.07%
Monthly Payment Comparison
New Conventional @ 6.5%
$3,717/moAssumable @ 3.47% + gap loan
$3,608/moAssumed loan: $1,271/mo
Gap financing: $2,336/mo
$109less per month with the assumable
Your Savings on This Property
5505 Teakwood, Colorado Springs · 3.47% VA vs 6.5% conventional
$109
per month
$1,309
per year
$39,281
over 30 years
$39,281
interest saved
How gap financing works: The equity gap ($334,796) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($30,950, 5% of purchase price) and a second mortgage for the rest ($303,846 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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