Loan Comparison: 3.07% vs 6.5%
6511 Mission Bend, Colorado Springs, CO 80923 · 3bd/3ba · $474,900
List Price
$474,900
Assumable Rate
3.07%
Remaining Balance
$294,549
Equity Gap
$179,726
Loan Type
VAAdjust Your Scenario
$23,745
$23,745$179,726
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.07% (VA)
Blended Rate: 4.95%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,852/moAssumable @ 3.07% + gap loan
$2,452/moAssumed loan: $1,253/mo
Gap financing: $1,199/mo
$399less per month with the assumable
Your Savings on This Property
6511 Mission Bend, Colorado Springs · 3.07% VA vs 6.5% conventional
$399
per month
$4,791
per year
$143,737
over 30 years
$143,112
interest saved
How gap financing works: The equity gap ($179,726) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($23,745, 5% of purchase price) and a second mortgage for the rest ($155,981 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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