Loan Comparison: 4.17% vs 6.5%
215 28th, Colorado Springs, CO 80904 · 2bd/1ba · $360,000
List Price
$360,000
Assumable Rate
4.17%
Remaining Balance
$329,715
Equity Gap
$29,703
Loan Type
VAAdjust Your Scenario
$18,000
$18,000$29,703
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 4.17% (VA)
Blended Rate: 4.32%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,162/moAssumable @ 4.17% + gap loan
$1,697/moAssumed loan: $1,607/mo
Gap financing: $90/mo
$465less per month with the assumable
Your Savings on This Property
215 28th, Colorado Springs · 4.17% VA vs 6.5% conventional
$465
per month
$5,581
per year
$167,433
over 30 years
$166,851
interest saved
How gap financing works: The equity gap ($29,703) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($18,000, 5% of purchase price) and a second mortgage for the rest ($11,703 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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