Loan Comparison: 4.23% vs 6.5%
6609 Cottonwood Grove, Colorado Springs, CO 80925 · 4bd/2ba · $445,000
List Price
$445,000
Assumable Rate
4.23%
Remaining Balance
$105,555
Equity Gap
$339,444
Loan Type
VAAdjust Your Scenario
$22,250
$22,250$339,444
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 4.23% (VA)
Blended Rate: 7.43%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,672/moAssumable @ 4.23% + gap loan
$2,957/moAssumed loan: $518/mo
Gap financing: $2,439/mo
Your Savings on This Property
6609 Cottonwood Grove, Colorado Springs · 4.23% 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 ($339,444) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($22,250, 5% of purchase price) and a second mortgage for the rest ($317,194 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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