Loan Comparison: 4.17% vs 6.5%
6229 Bodacious, Colorado Springs, CO 80923 · 3bd/3ba · $500,000
List Price
$500,000
Assumable Rate
4.17%
Remaining Balance
$470,345
Equity Gap
$29,654
Loan Type
VAAdjust Your Scenario
$25,000
$25,000$29,654
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 4.17% (VA)
Blended Rate: 4.21%
Monthly Payment Comparison
New Conventional @ 6.5%
$3,002/moAssumable @ 4.17% + gap loan
$2,328/moAssumed loan: $2,292/mo
Gap financing: $36/mo
$675less per month with the assumable
Your Savings on This Property
6229 Bodacious, Colorado Springs · 4.17% VA vs 6.5% conventional
$675
per month
$8,096
per year
$242,891
over 30 years
$242,890
interest saved
How gap financing works: The equity gap ($29,654) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($25,000, 5% of purchase price) and a second mortgage for the rest ($4,654 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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