Loan Comparison: 5.22% vs 6.5%
10978 Zealand, Colorado Springs, CO 80925 · 3bd/3ba · $420,000
List Price
$420,000
Assumable Rate
5.22%
Remaining Balance
$393,484
Equity Gap
$26,516
Loan Type
VAAdjust Your Scenario
$21,000
$21,000$26,516
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 5.22% (VA)
Blended Rate: 5.27%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,522/moAssumable @ 5.22% + gap loan
$2,208/moAssumed loan: $2,166/mo
Gap financing: $42/mo
$314less per month with the assumable
Your Savings on This Property
10978 Zealand, Colorado Springs · 5.22% VA vs 6.5% conventional
$314
per month
$3,768
per year
$113,044
over 30 years
$113,044
interest saved
How gap financing works: The equity gap ($26,516) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($21,000, 5% of purchase price) and a second mortgage for the rest ($5,516 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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