Loan Comparison: 5.84% vs 6.5%
3830 Hemmingway, Colorado Springs, CO 80930 · 4bd/3ba · $735,000
List Price
$735,000
Assumable Rate
5.84%
Remaining Balance
$621,421
Equity Gap
$113,579
Loan Type
VAAdjust Your Scenario
$36,750
$36,750$113,579
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 5.84% (VA)
Blended Rate: 6.13%
Monthly Payment Comparison
New Conventional @ 6.5%
$4,413/moAssumable @ 5.84% + gap loan
$4,253/moAssumed loan: $3,662/mo
Gap financing: $591/mo
$161less per month with the assumable
Your Savings on This Property
3830 Hemmingway, Colorado Springs · 5.84% VA vs 6.5% conventional
$161
per month
$1,927
per year
$57,822
over 30 years
$57,822
interest saved
How gap financing works: The equity gap ($113,579) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($36,750, 5% of purchase price) and a second mortgage for the rest ($76,829 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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