Loan Comparison: 3% vs 6.5%
11 Polo, Colorado Springs, CO 80906 · 4bd/5ba · $1,899,999
List Price
$1,899,999
Assumable Rate
3%
Remaining Balance
$802,804
Equity Gap
$1,100,732
Loan Type
VAAdjust Your Scenario
$95,000
$95,000$1,100,732
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3% (VA)
Blended Rate: 6.06%
Monthly Payment Comparison
New Conventional @ 6.5%
$11,409/moAssumable @ 3% + gap loan
$11,118/moAssumed loan: $3,385/mo
Gap financing: $7,733/mo
$291less per month with the assumable
Your Savings on This Property
11 Polo, Colorado Springs · 3% VA vs 6.5% conventional
$291
per month
$3,492
per year
$104,745
over 30 years
$108,282
interest saved
How gap financing works: The equity gap ($1,100,732) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($95,000, 5% of purchase price) and a second mortgage for the rest ($1,005,732 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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