Loan Comparison: 3.01% vs 6.5%
7662 Camille, Colorado Springs, CO 80908 · 5bd/3ba · $499,900
List Price
$499,900
Assumable Rate
3.01%
Remaining Balance
$384,161
Equity Gap
$115,738
Loan Type
VAAdjust Your Scenario
$24,995
$24,995$115,738
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.01% (VA)
Blended Rate: 4.06%
Monthly Payment Comparison
New Conventional @ 6.5%
$3,002/moAssumable @ 3.01% + gap loan
$2,319/moAssumed loan: $1,622/mo
Gap financing: $698/mo
$682less per month with the assumable
Your Savings on This Property
7662 Camille, Colorado Springs · 3.01% VA vs 6.5% conventional
$682
per month
$8,187
per year
$245,620
over 30 years
$245,619
interest saved
How gap financing works: The equity gap ($115,738) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($24,995, 5% of purchase price) and a second mortgage for the rest ($90,743 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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