Loan Comparison: 3.64% vs 6.5%
6045 Griffin, Colorado Springs, CO 80924 · 4bd/3ba · $810,000
List Price
$810,000
Assumable Rate
3.64%
Remaining Balance
$427,624
Equity Gap
$380,492
Loan Type
VAAdjust Your Scenario
$40,500
$40,500$380,492
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.64% (VA)
Blended Rate: 5.79%
Monthly Payment Comparison
New Conventional @ 6.5%
$4,864/moAssumable @ 3.64% + gap loan
$4,568/moAssumed loan: $1,954/mo
Gap financing: $2,614/mo
$296less per month with the assumable
Your Savings on This Property
6045 Griffin, Colorado Springs · 3.64% VA vs 6.5% conventional
$296
per month
$3,549
per year
$106,460
over 30 years
$104,576
interest saved
How gap financing works: The equity gap ($380,492) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($40,500, 5% of purchase price) and a second mortgage for the rest ($339,992 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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