Loan Comparison: 3.16% vs 6.5%
6216 Decker, Colorado Springs, CO 80925 · 5bd/3ba · $515,000
List Price
$515,000
Assumable Rate
3.16%
Remaining Balance
$378,634
Equity Gap
$207,754
Loan Type
VAAdjust Your Scenario
$25,750
$25,750$207,754
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.16% (VA)
Blended Rate: 4.89%
Monthly Payment Comparison
New Conventional @ 6.5%
$3,092/moAssumable @ 3.16% + gap loan
$3,029/moAssumed loan: $1,629/mo
Gap financing: $1,399/mo
$64less per month with the assumable
Your Savings on This Property
6216 Decker, Colorado Springs · 3.16% VA vs 6.5% conventional
$64
per month
$765
per year
$22,948
over 30 years
$94,336
interest saved
How gap financing works: The equity gap ($207,754) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($25,750, 5% of purchase price) and a second mortgage for the rest ($182,004 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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