Loan Comparison: 3.31% vs 6.5%
5408 Cushing, Colorado Springs, CO 80924 · 3bd/3ba · $355,000
List Price
$355,000
Assumable Rate
3.31%
Remaining Balance
$207,153
Equity Gap
$147,847
Loan Type
VAAdjust Your Scenario
$17,750
$17,750$147,847
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.31% (VA)
Blended Rate: 5.31%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,132/moAssumable @ 3.31% + gap loan
$1,909/moAssumed loan: $908/mo
Gap financing: $1,000/mo
$223less per month with the assumable
Your Savings on This Property
5408 Cushing, Colorado Springs · 3.31% VA vs 6.5% conventional
$223
per month
$2,675
per year
$80,257
over 30 years
$80,257
interest saved
How gap financing works: The equity gap ($147,847) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($17,750, 5% of purchase price) and a second mortgage for the rest ($130,097 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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