Loan Comparison: 3.45% vs 6.5%
141 Esther, Colorado Springs, CO 80911 · 3bd/1ba · $245,000
List Price
$245,000
Assumable Rate
3.45%
Remaining Balance
$198,400
Equity Gap
$46,600
Loan Type
VAAdjust Your Scenario
$12,250
$12,250$46,600
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.45% (VA)
Blended Rate: 4.20%
Monthly Payment Comparison
New Conventional @ 6.5%
$1,471/moAssumable @ 3.45% + gap loan
$1,149/moAssumed loan: $885/mo
Gap financing: $264/mo
$322less per month with the assumable
Your Savings on This Property
141 Esther, Colorado Springs · 3.45% VA vs 6.5% conventional
$322
per month
$3,860
per year
$115,790
over 30 years
$115,790
interest saved
How gap financing works: The equity gap ($46,600) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($12,250, 5% of purchase price) and a second mortgage for the rest ($34,350 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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