Loan Comparison: 3.16% vs 6.5%
7568 Cat Tail Creek, Colorado Springs, CO 80923 · 4bd/4ba · $579,900
List Price
$579,900
Assumable Rate
3.16%
Remaining Balance
$285,994
Equity Gap
$295,187
Loan Type
VAAdjust Your Scenario
$28,995
$28,995$295,187
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.16% (VA)
Blended Rate: 5.73%
Monthly Payment Comparison
New Conventional @ 6.5%
$3,482/moAssumable @ 3.16% + gap loan
$3,277/moAssumed loan: $1,231/mo
Gap financing: $2,047/mo
$205less per month with the assumable
Your Savings on This Property
7568 Cat Tail Creek, Colorado Springs · 3.16% VA vs 6.5% conventional
$205
per month
$2,457
per year
$73,702
over 30 years
$74,983
interest saved
How gap financing works: The equity gap ($295,187) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($28,995, 5% of purchase price) and a second mortgage for the rest ($266,192 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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