Loan Comparison: 3.04% vs 6.5%
17590 Cherry Stage, Colorado Springs, CO 80921 · 5bd/5ba · $1,399,900
List Price
$1,399,900
Assumable Rate
3.04%
Remaining Balance
$528,556
Equity Gap
$871,344
Loan Type
VAAdjust Your Scenario
$69,995
$69,995$871,344
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.04% (VA)
Blended Rate: 6.33%
Monthly Payment Comparison
New Conventional @ 6.5%
$8,406/moAssumable @ 3.04% + gap loan
$8,402/moAssumed loan: $2,240/mo
Gap financing: $6,162/mo
$4less per month with the assumable
Your Savings on This Property
17590 Cherry Stage, Colorado Springs · 3.04% VA vs 6.5% conventional
$4
per month
$53
per year
$1,581
over 30 years
$1,581
interest saved
How gap financing works: The equity gap ($871,344) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($69,995, 5% of purchase price) and a second mortgage for the rest ($801,349 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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