Loan Comparison: 3.94% vs 6.5%
3605 Cherry Plum, Colorado Springs, CO 80920 · 4bd/3ba · $799,900
List Price
$799,900
Assumable Rate
3.94%
Remaining Balance
$359,769
Equity Gap
$572,494
Loan Type
VAAdjust Your Scenario
$39,995
$39,995$572,494
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.94% (VA)
Blended Rate: 6.66%
Monthly Payment Comparison
New Conventional @ 6.5%
$4,803/moAssumable @ 3.94% + gap loan
$5,800/moAssumed loan: $1,705/mo
Gap financing: $4,094/mo
Your Savings on This Property
3605 Cherry Plum, Colorado Springs · 3.94% VA vs 6.5% conventional
$0
per month
$0
per year
$0
over 30 years
$0
interest saved
How gap financing works: The equity gap ($572,494) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($39,995, 5% of purchase price) and a second mortgage for the rest ($532,499 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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