Loan Comparison: 3.02% vs 6.5%
4530 Churchill, Colorado Springs, CO 80906 · 5bd/4ba · $950,000
List Price
$950,000
Assumable Rate
3.02%
Remaining Balance
$448,843
Equity Gap
$503,215
Loan Type
VAAdjust Your Scenario
$47,500
$47,500$503,215
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.02% (VA)
Blended Rate: 5.78%
Monthly Payment Comparison
New Conventional @ 6.5%
$5,704/moAssumable @ 3.02% + gap loan
$5,401/moAssumed loan: $1,897/mo
Gap financing: $3,504/mo
$303less per month with the assumable
Your Savings on This Property
4530 Churchill, Colorado Springs · 3.02% VA vs 6.5% conventional
$303
per month
$3,638
per year
$109,143
over 30 years
$111,201
interest saved
How gap financing works: The equity gap ($503,215) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($47,500, 5% of purchase price) and a second mortgage for the rest ($455,715 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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