Loan Comparison: 1.99% vs 6.5%
6364 Galway, Colorado Springs, CO 80918 · 5bd/4ba · $649,500
List Price
$649,500
Assumable Rate
1.99%
Remaining Balance
$400,546
Equity Gap
$248,954
Loan Type
VAAdjust Your Scenario
$32,475
$32,475$248,954
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 1.99% (VA)
Blended Rate: 4.27%
Monthly Payment Comparison
New Conventional @ 6.5%
$3,900/moAssumable @ 1.99% + gap loan
$3,143/moAssumed loan: $1,478/mo
Gap financing: $1,665/mo
$757less per month with the assumable
Your Savings on This Property
6364 Galway, Colorado Springs · 1.99% VA vs 6.5% conventional
$757
per month
$9,084
per year
$272,516
over 30 years
$272,516
interest saved
How gap financing works: The equity gap ($248,954) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($32,475, 5% of purchase price) and a second mortgage for the rest ($216,479 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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