Loan Comparison: 3.02% vs 6.5%
8349 Misty Moon, Colorado Springs, CO 80924 · 5bd/3ba · $649,000
List Price
$649,000
Assumable Rate
3.02%
Remaining Balance
$360,983
Equity Gap
$288,839
Loan Type
VAAdjust Your Scenario
$32,450
$32,450$288,839
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.02% (VA)
Blended Rate: 5.30%
Monthly Payment Comparison
New Conventional @ 6.5%
$3,897/moAssumable @ 3.02% + gap loan
$3,497/moAssumed loan: $1,526/mo
Gap financing: $1,971/mo
$400less per month with the assumable
Your Savings on This Property
8349 Misty Moon, Colorado Springs · 3.02% VA vs 6.5% conventional
$400
per month
$4,797
per year
$143,925
over 30 years
$144,747
interest saved
How gap financing works: The equity gap ($288,839) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($32,450, 5% of purchase price) and a second mortgage for the rest ($256,389 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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