Loan Comparison: 3.1% vs 6.5%
6005 San Mateo, Colorado Springs, CO 80911 · 3bd/3ba · $440,000
List Price
$440,000
Assumable Rate
3.1%
Remaining Balance
$412,556
Equity Gap
$24,822
Loan Type
VAAdjust Your Scenario
$22,000
$22,000$24,822
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.1% (VA)
Blended Rate: 3.14%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,642/moAssumable @ 3.1% + gap loan
$1,783/moAssumed loan: $1,762/mo
Gap financing: $22/mo
$859less per month with the assumable
Your Savings on This Property
6005 San Mateo, Colorado Springs · 3.1% VA vs 6.5% conventional
$859
per month
$10,304
per year
$309,119
over 30 years
$306,497
interest saved
How gap financing works: The equity gap ($24,822) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($22,000, 5% of purchase price) and a second mortgage for the rest ($2,822 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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