Loan Comparison: 3.47% vs 6.5%
6262 Meadowbank, Colorado Springs, CO 80925 · 3bd/2ba · $370,000
List Price
$370,000
Assumable Rate
3.47%
Remaining Balance
$275,481
Equity Gap
$93,912
Loan Type
VAAdjust Your Scenario
$18,500
$18,500$93,912
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.47% (VA)
Blended Rate: 4.55%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,222/moAssumable @ 3.47% + gap loan
$1,812/moAssumed loan: $1,232/mo
Gap financing: $580/mo
$409less per month with the assumable
Your Savings on This Property
6262 Meadowbank, Colorado Springs · 3.47% VA vs 6.5% conventional
$409
per month
$4,913
per year
$147,399
over 30 years
$146,792
interest saved
How gap financing works: The equity gap ($93,912) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($18,500, 5% of purchase price) and a second mortgage for the rest ($75,412 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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