Loan Comparison: 3.66% vs 6.5%
2465 Sierra Springs, Colorado Springs, CO 80916 · 3bd/3ba · $335,000
List Price
$335,000
Assumable Rate
3.66%
Remaining Balance
$147,980
Equity Gap
$187,434
Loan Type
VAAdjust Your Scenario
$16,750
$16,750$187,434
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.66% (VA)
Blended Rate: 6.25%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,012/moAssumable @ 3.66% + gap loan
$1,990/moAssumed loan: $678/mo
Gap financing: $1,312/mo
$21less per month with the assumable
Your Savings on This Property
2465 Sierra Springs, Colorado Springs · 3.66% VA vs 6.5% conventional
$21
per month
$256
per year
$7,690
over 30 years
$8,104
interest saved
How gap financing works: The equity gap ($187,434) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($16,750, 5% of purchase price) and a second mortgage for the rest ($170,684 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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