Loan Comparison: 3.16% vs 6.5%
6116 Shavers, Colorado Springs, CO 80925 · 4bd/4ba · $465,000
List Price
$465,000
Assumable Rate
3.16%
Remaining Balance
$331,305
Equity Gap
$135,186
Loan Type
VAAdjust Your Scenario
$23,250
$23,250$135,186
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.16% (VA)
Blended Rate: 4.51%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,792/moAssumable @ 3.16% + gap loan
$2,286/moAssumed loan: $1,426/mo
Gap financing: $861/mo
$506less per month with the assumable
Your Savings on This Property
6116 Shavers, Colorado Springs · 3.16% VA vs 6.5% conventional
$506
per month
$6,071
per year
$182,132
over 30 years
$183,623
interest saved
How gap financing works: The equity gap ($135,186) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($23,250, 5% of purchase price) and a second mortgage for the rest ($111,936 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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