Loan Comparison: 3.77% vs 6.5%
6624 Balance, Colorado Springs, CO 80923 · 6bd/3ba · $575,000
List Price
$575,000
Assumable Rate
3.77%
Remaining Balance
$330,405
Equity Gap
$244,594
Loan Type
VAAdjust Your Scenario
$28,750
$28,750$244,594
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.77% (VA)
Blended Rate: 5.64%
Monthly Payment Comparison
New Conventional @ 6.5%
$3,453/moAssumable @ 3.77% + gap loan
$3,194/moAssumed loan: $1,534/mo
Gap financing: $1,660/mo
$259less per month with the assumable
Your Savings on This Property
6624 Balance, Colorado Springs · 3.77% VA vs 6.5% conventional
$259
per month
$3,109
per year
$93,279
over 30 years
$93,278
interest saved
How gap financing works: The equity gap ($244,594) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($28,750, 5% of purchase price) and a second mortgage for the rest ($215,844 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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