Loan Comparison: 5.41% vs 6.5%
3402 Springnite, Colorado Springs, CO 80916 · 4bd/1ba · $324,000
List Price
$324,000
Assumable Rate
5.41%
Remaining Balance
$297,800
Equity Gap
$26,617
Loan Type
VAAdjust Your Scenario
$16,200
$16,200$26,617
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 5.41% (VA)
Blended Rate: 5.51%
Monthly Payment Comparison
New Conventional @ 6.5%
$1,946/moAssumable @ 5.41% + gap loan
$1,754/moAssumed loan: $1,674/mo
Gap financing: $80/mo
$191less per month with the assumable
Your Savings on This Property
3402 Springnite, Colorado Springs · 5.41% VA vs 6.5% conventional
$191
per month
$2,296
per year
$68,871
over 30 years
$69,288
interest saved
How gap financing works: The equity gap ($26,617) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($16,200, 5% of purchase price) and a second mortgage for the rest ($10,417 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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