Loan Comparison: 3.1% vs 6.5%
2005 Palm, Colorado Springs, CO 80918 · 3bd/2ba · $450,000
List Price
$450,000
Assumable Rate
3.1%
Remaining Balance
$411,371
Equity Gap
$38,628
Loan Type
VAAdjust Your Scenario
$22,500
$22,500$38,628
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.1% (VA)
Blended Rate: 3.30%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,702/moAssumable @ 3.1% + gap loan
$1,881/moAssumed loan: $1,757/mo
Gap financing: $124/mo
$821less per month with the assumable
Your Savings on This Property
2005 Palm, Colorado Springs · 3.1% VA vs 6.5% conventional
$821
per month
$9,858
per year
$295,725
over 30 years
$295,724
interest saved
How gap financing works: The equity gap ($38,628) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($22,500, 5% of purchase price) and a second mortgage for the rest ($16,128 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.
📈
Interested in This Home?
Get full loan details and schedule a showing. Free, no obligation.