Loan Comparison: 5.84% vs 6.5%
3830 Hemmingway, Colorado Springs, CO 80930 · 4bd/3ba · $725,000
List Price
$725,000
Assumable Rate
5.84%
Remaining Balance
$620,629
Equity Gap
$103,579
Loan Type
VAAdjust Your Scenario
$36,250
$36,250$103,579
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 5.84% (VA)
Blended Rate: 6.10%
Monthly Payment Comparison
New Conventional @ 6.5%
$4,353/moAssumable @ 5.84% + gap loan
$4,175/moAssumed loan: $3,657/mo
Gap financing: $518/mo
$178less per month with the assumable
Your Savings on This Property
3830 Hemmingway, Colorado Springs · 5.84% VA vs 6.5% conventional
$178
per month
$2,139
per year
$64,182
over 30 years
$63,390
interest saved
How gap financing works: The equity gap ($103,579) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($36,250, 5% of purchase price) and a second mortgage for the rest ($67,329 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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