Loan Comparison: 3.97% vs 6.5%
410 17th, Colorado Springs, CO 80904 · 2bd/1ba · $329,000
List Price
$329,000
Assumable Rate
3.97%
Remaining Balance
$160,402
Equity Gap
$168,598
Loan Type
VAAdjust Your Scenario
$16,450
$16,450$168,598
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.97% (VA)
Blended Rate: 6.18%
Monthly Payment Comparison
New Conventional @ 6.5%
$1,976/moAssumable @ 3.97% + gap loan
$1,933/moAssumed loan: $763/mo
Gap financing: $1,170/mo
$43less per month with the assumable
Your Savings on This Property
410 17th, Colorado Springs · 3.97% VA vs 6.5% conventional
$43
per month
$512
per year
$15,347
over 30 years
$15,347
interest saved
How gap financing works: The equity gap ($168,598) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($16,450, 5% of purchase price) and a second mortgage for the rest ($152,148 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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