Loan Comparison: 3.61% vs 6.5%
6974 Metropolitan, Colorado Springs, CO 80911 · 3bd/3ba · $390,000
List Price
$390,000
Assumable Rate
3.61%
Remaining Balance
$224,453
Equity Gap
$165,547
Loan Type
VAAdjust Your Scenario
$19,500
$19,500$165,547
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.61% (VA)
Blended Rate: 5.54%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,342/moAssumable @ 3.61% + gap loan
$2,145/moAssumed loan: $1,022/mo
Gap financing: $1,123/mo
$197less per month with the assumable
Your Savings on This Property
6974 Metropolitan, Colorado Springs · 3.61% VA vs 6.5% conventional
$197
per month
$2,365
per year
$70,960
over 30 years
$70,960
interest saved
How gap financing works: The equity gap ($165,547) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($19,500, 5% of purchase price) and a second mortgage for the rest ($146,047 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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