Loan Comparison: 3.06% vs 6.5%
2314 Monument, Colorado Springs, CO 80909 · 2bd/1ba · $350,000
List Price
$350,000
Assumable Rate
3.06%
Remaining Balance
$291,817
Equity Gap
$57,548
Loan Type
VAAdjust Your Scenario
$17,500
$17,500$57,548
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.06% (VA)
Blended Rate: 3.72%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,102/moAssumable @ 3.06% + gap loan
$1,548/moAssumed loan: $1,240/mo
Gap financing: $308/mo
$554less per month with the assumable
Your Savings on This Property
2314 Monument, Colorado Springs · 3.06% VA vs 6.5% conventional
$554
per month
$6,647
per year
$199,410
over 30 years
$198,775
interest saved
How gap financing works: The equity gap ($57,548) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($17,500, 5% of purchase price) and a second mortgage for the rest ($40,048 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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