Loan Comparison: 4% vs 6.5%
1432 Howard, Colorado Springs, CO 80909 · 4bd/2ba · $349,900
List Price
$349,900
Assumable Rate
4%
Remaining Balance
$151,794
Equity Gap
$198,554
Loan Type
VAAdjust Your Scenario
$17,495
$17,495$198,554
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 4% (VA)
Blended Rate: 6.45%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,101/moAssumable @ 4% + gap loan
$2,117/moAssumed loan: $725/mo
Gap financing: $1,392/mo
Your Savings on This Property
1432 Howard, Colorado Springs · 4% VA vs 6.5% conventional
$0
per month
$0
per year
$0
over 30 years
$0
interest saved
How gap financing works: The equity gap ($198,554) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($17,495, 5% of purchase price) and a second mortgage for the rest ($181,059 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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