Loan Comparison: 3.02% vs 6.5%
7709 Camille, Colorado Springs, CO 80908 · 3bd/3ba · $369,000
List Price
$369,000
Assumable Rate
3.02%
Remaining Balance
$341,855
Equity Gap
$27,144
Loan Type
VAAdjust Your Scenario
$18,450
$18,450$27,144
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.02% (VA)
Blended Rate: 3.16%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,216/moAssumable @ 3.02% + gap loan
$1,512/moAssumed loan: $1,445/mo
Gap financing: $67/mo
$704less per month with the assumable
Your Savings on This Property
7709 Camille, Colorado Springs · 3.02% VA vs 6.5% conventional
$704
per month
$8,447
per year
$253,404
over 30 years
$253,403
interest saved
How gap financing works: The equity gap ($27,144) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($18,450, 5% of purchase price) and a second mortgage for the rest ($8,694 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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