Loan Comparison: 3.23% vs 6.5%
2304 Reed Grass, Colorado Springs, CO 80915 · 3bd/3ba · $449,900
List Price
$449,900
Assumable Rate
3.23%
Remaining Balance
$241,232
Equity Gap
$208,668
Loan Type
VAAdjust Your Scenario
$22,495
$22,495$208,668
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.23% (VA)
Blended Rate: 5.53%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,701/moAssumable @ 3.23% + gap loan
$2,479/moAssumed loan: $1,047/mo
Gap financing: $1,432/mo
$223less per month with the assumable
Your Savings on This Property
2304 Reed Grass, Colorado Springs · 3.23% VA vs 6.5% conventional
$223
per month
$2,673
per year
$80,197
over 30 years
$80,197
interest saved
How gap financing works: The equity gap ($208,668) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($22,495, 5% of purchase price) and a second mortgage for the rest ($186,173 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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