Loan Comparison: 3.1% vs 6.5%
1730 Hathaway, Colorado Springs, CO 80915 · 3bd/3ba · $430,000
List Price
$430,000
Assumable Rate
3.1%
Remaining Balance
$372,104
Equity Gap
$57,895
Loan Type
VAAdjust Your Scenario
$21,500
$21,500$57,895
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.1% (VA)
Blended Rate: 3.58%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,582/moAssumable @ 3.1% + gap loan
$1,869/moAssumed loan: $1,589/mo
Gap financing: $280/mo
$713less per month with the assumable
Your Savings on This Property
1730 Hathaway, Colorado Springs · 3.1% VA vs 6.5% conventional
$713
per month
$8,558
per year
$256,754
over 30 years
$256,753
interest saved
How gap financing works: The equity gap ($57,895) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($21,500, 5% of purchase price) and a second mortgage for the rest ($36,395 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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