Loan Comparison: 3.64% vs 6.5%
6045 Griffin, Colorado Springs, CO 80924 · 4bd/3ba · $839,000
List Price
$839,000
Assumable Rate
3.64%
Remaining Balance
$429,508
Equity Gap
$409,492
Loan Type
VAAdjust Your Scenario
$41,950
$41,950$409,492
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.64% (VA)
Blended Rate: 5.88%
Monthly Payment Comparison
New Conventional @ 6.5%
$5,038/moAssumable @ 3.64% + gap loan
$4,788/moAssumed loan: $1,962/mo
Gap financing: $2,826/mo
$249less per month with the assumable
Your Savings on This Property
6045 Griffin, Colorado Springs · 3.64% VA vs 6.5% conventional
$249
per month
$2,993
per year
$89,789
over 30 years
$89,789
interest saved
How gap financing works: The equity gap ($409,492) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($41,950, 5% of purchase price) and a second mortgage for the rest ($367,542 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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