Loan Comparison: 3.23% vs 6.5%
2304 Reed Grass, Colorado Springs, CO 80915 · 3bd/3ba · $429,900
List Price
$429,900
Assumable Rate
3.23%
Remaining Balance
$240,692
Equity Gap
$189,208
Loan Type
VAAdjust Your Scenario
$21,495
$21,495$189,208
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.23% (VA)
Blended Rate: 5.39%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,581/moAssumable @ 3.23% + gap loan
$2,334/moAssumed loan: $1,045/mo
Gap financing: $1,290/mo
$247less per month with the assumable
Your Savings on This Property
2304 Reed Grass, Colorado Springs · 3.23% VA vs 6.5% conventional
$247
per month
$2,964
per year
$88,907
over 30 years
$88,907
interest saved
How gap financing works: The equity gap ($189,208) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($21,495, 5% of purchase price) and a second mortgage for the rest ($167,713 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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