Loan Comparison: 3.06% vs 6.5%
5915 Mumford, Colorado Springs, CO 80925 · 3bd/3ba · $420,000
List Price
$420,000
Assumable Rate
3.06%
Remaining Balance
$356,866
Equity Gap
$63,134
Loan Type
VAAdjust Your Scenario
$21,000
$21,000$63,134
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.06% (VA)
Blended Rate: 3.63%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,522/moAssumable @ 3.06% + gap loan
$1,840/moAssumed loan: $1,516/mo
Gap financing: $324/mo
$682less per month with the assumable
Your Savings on This Property
5915 Mumford, Colorado Springs · 3.06% VA vs 6.5% conventional
$682
per month
$8,182
per year
$245,464
over 30 years
$245,464
interest saved
How gap financing works: The equity gap ($63,134) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($21,000, 5% of purchase price) and a second mortgage for the rest ($42,134 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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