Loan Comparison: 3.47% vs 6.5%
2101 Glenhill, Colorado Springs, CO 80906 · 2bd/2ba · $389,000
List Price
$389,000
Assumable Rate
3.47%
Remaining Balance
$284,541
Equity Gap
$104,459
Loan Type
VAAdjust Your Scenario
$19,450
$19,450$104,459
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.47% (VA)
Blended Rate: 4.63%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,336/moAssumable @ 3.47% + gap loan
$1,927/moAssumed loan: $1,273/mo
Gap financing: $654/mo
$409less per month with the assumable
Your Savings on This Property
2101 Glenhill, Colorado Springs · 3.47% VA vs 6.5% conventional
$409
per month
$4,910
per year
$147,314
over 30 years
$147,314
interest saved
How gap financing works: The equity gap ($104,459) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($19,450, 5% of purchase price) and a second mortgage for the rest ($85,009 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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