Loan Comparison: 3.47% vs 6.5%
5345 Red Sky, Colorado Springs, CO 80915 · 3bd/3ba · $405,000
List Price
$405,000
Assumable Rate
3.47%
Remaining Balance
$258,658
Equity Gap
$146,342
Loan Type
VAAdjust Your Scenario
$20,250
$20,250$146,342
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.47% (VA)
Blended Rate: 5.12%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,432/moAssumable @ 3.47% + gap loan
$2,127/moAssumed loan: $1,157/mo
Gap financing: $970/mo
$305less per month with the assumable
Your Savings on This Property
5345 Red Sky, Colorado Springs · 3.47% VA vs 6.5% conventional
$305
per month
$3,662
per year
$109,865
over 30 years
$109,865
interest saved
How gap financing works: The equity gap ($146,342) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($20,250, 5% of purchase price) and a second mortgage for the rest ($126,092 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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