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
$329,714
Equity Gap
$30,285
Loan Type
VAAdjust Your Scenario
$18,000
$18,000$30,285
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 4.17% (VA)
Blended Rate: 4.33%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,162/moAssumable @ 4.17% + gap loan
$1,701/moAssumed loan: $1,607/mo
Gap financing: $94/mo
$461less per month with the assumable
Your Savings on This Property
215 28th, Colorado Springs · 4.17% VA vs 6.5% conventional
$461
per month
$5,527
per year
$165,824
over 30 years
$165,823
interest saved
How gap financing works: The equity gap ($30,285) 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 ($12,285 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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