Loan Comparison: 3.02% vs 6.5%
8340 James Creek, Colorado Springs, CO 80924 · 5bd/4ba · $600,000
List Price
$600,000
Assumable Rate
3.02%
Remaining Balance
$376,350
Equity Gap
$224,507
Loan Type
VAAdjust Your Scenario
$30,000
$30,000$224,507
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.02% (VA)
Blended Rate: 4.89%
Monthly Payment Comparison
New Conventional @ 6.5%
$3,603/moAssumable @ 3.02% + gap loan
$3,086/moAssumed loan: $1,591/mo
Gap financing: $1,496/mo
$516less per month with the assumable
Your Savings on This Property
8340 James Creek, Colorado Springs · 3.02% VA vs 6.5% conventional
$516
per month
$6,197
per year
$185,914
over 30 years
$186,771
interest saved
How gap financing works: The equity gap ($224,507) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($30,000, 5% of purchase price) and a second mortgage for the rest ($194,507 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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