Loan Comparison: 5.23% vs 6.5%
3895 Shining Star, Colorado Springs, CO 80925 · 3bd/2ba · $470,000
List Price
$470,000
Assumable Rate
5.23%
Remaining Balance
$404,329
Equity Gap
$66,853
Loan Type
VAAdjust Your Scenario
$23,500
$23,500$66,853
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 5.23% (VA)
Blended Rate: 5.55%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,822/moAssumable @ 5.23% + gap loan
$2,561/moAssumed loan: $2,228/mo
Gap financing: $333/mo
$261less per month with the assumable
Your Savings on This Property
3895 Shining Star, Colorado Springs · 5.23% VA vs 6.5% conventional
$261
per month
$3,133
per year
$94,004
over 30 years
$95,186
interest saved
How gap financing works: The equity gap ($66,853) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($23,500, 5% of purchase price) and a second mortgage for the rest ($43,353 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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