Loan Comparison: 5.23% vs 6.5%
6820 Backcountry, Colorado Springs, CO 80927 · 4bd/4ba · $615,000
List Price
$615,000
Assumable Rate
5.23%
Remaining Balance
$561,538
Equity Gap
$53,462
Loan Type
VAAdjust Your Scenario
$30,750
$30,750$53,462
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 5.23% (VA)
Blended Rate: 5.36%
Monthly Payment Comparison
New Conventional @ 6.5%
$3,693/moAssumable @ 5.23% + gap loan
$3,269/moAssumed loan: $3,094/mo
Gap financing: $175/mo
$424less per month with the assumable
Your Savings on This Property
6820 Backcountry, Colorado Springs · 5.23% VA vs 6.5% conventional
$424
per month
$5,092
per year
$152,763
over 30 years
$152,763
interest saved
How gap financing works: The equity gap ($53,462) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($30,750, 5% of purchase price) and a second mortgage for the rest ($22,712 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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