Loan Comparison: 3.5% vs 6.5%
10565 Black Elk, Colorado Springs, CO 80908 · 5bd/5ba · $695,000
List Price
$695,000
Assumable Rate
3.5%
Remaining Balance
$252,356
Equity Gap
$442,644
Loan Type
VAAdjust Your Scenario
$34,750
$34,750$442,644
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.5% (VA)
Blended Rate: 6.59%
Monthly Payment Comparison
New Conventional @ 6.5%
$4,173/moAssumable @ 3.5% + gap loan
$4,270/moAssumed loan: $1,133/mo
Gap financing: $3,136/mo
Your Savings on This Property
10565 Black Elk, Colorado Springs · 3.5% VA vs 6.5% conventional
$0
per month
$0
per year
$0
over 30 years
$0
interest saved
How gap financing works: The equity gap ($442,644) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($34,750, 5% of purchase price) and a second mortgage for the rest ($407,894 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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