Loan Comparison: 3.16% vs 6.5%
4634 Wharf, Colorado Springs, CO 80911 · 3bd/4ba · $350,000
List Price
$350,000
Assumable Rate
3.16%
Remaining Balance
$231,840
Equity Gap
$145,917
Loan Type
VAAdjust Your Scenario
$17,500
$17,500$145,917
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.16% (VA)
Blended Rate: 5.06%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,102/moAssumable @ 3.16% + gap loan
$1,985/moAssumed loan: $998/mo
Gap financing: $987/mo
$117less per month with the assumable
Your Savings on This Property
4634 Wharf, Colorado Springs · 3.16% VA vs 6.5% conventional
$117
per month
$1,400
per year
$41,992
over 30 years
$69,749
interest saved
How gap financing works: The equity gap ($145,917) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($17,500, 5% of purchase price) and a second mortgage for the rest ($128,417 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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