Loan Comparison: 3.02% vs 6.5%
4625 Whimsical, Colorado Springs, CO 80917 · 3bd/2ba · $425,000
List Price
$425,000
Assumable Rate
3.02%
Remaining Balance
$304,084
Equity Gap
$120,916
Loan Type
VAAdjust Your Scenario
$21,250
$21,250$120,916
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.02% (VA)
Blended Rate: 4.37%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,552/moAssumable @ 3.02% + gap loan
$2,052/moAssumed loan: $1,285/mo
Gap financing: $766/mo
$500less per month with the assumable
Your Savings on This Property
4625 Whimsical, Colorado Springs · 3.02% VA vs 6.5% conventional
$500
per month
$6,004
per year
$180,114
over 30 years
$180,114
interest saved
How gap financing works: The equity gap ($120,916) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($21,250, 5% of purchase price) and a second mortgage for the rest ($99,666 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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