Loan Comparison: 3.31% vs 6.5%
6850 Phantom, Colorado Springs, CO 80925 · 4bd/3ba · $489,900
List Price
$489,900
Assumable Rate
3.31%
Remaining Balance
$335,245
Equity Gap
$153,901
Loan Type
VAAdjust Your Scenario
$24,495
$24,495$153,901
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.31% (VA)
Blended Rate: 4.76%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,942/moAssumable @ 3.31% + gap loan
$2,465/moAssumed loan: $1,470/mo
Gap financing: $995/mo
$477less per month with the assumable
Your Savings on This Property
6850 Phantom, Colorado Springs · 3.31% VA vs 6.5% conventional
$477
per month
$5,719
per year
$171,571
over 30 years
$170,817
interest saved
How gap financing works: The equity gap ($153,901) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($24,495, 5% of purchase price) and a second mortgage for the rest ($129,406 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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