Loan Comparison: 3.16% vs 6.5%
533 17th, Colorado Springs, CO 80904 · 3bd/3ba · $530,000
List Price
$530,000
Assumable Rate
3.16%
Remaining Balance
$379,713
Equity Gap
$150,287
Loan Type
VAAdjust Your Scenario
$26,500
$26,500$150,287
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.16% (VA)
Blended Rate: 4.47%
Monthly Payment Comparison
New Conventional @ 6.5%
$3,182/moAssumable @ 3.16% + gap loan
$2,586/moAssumed loan: $1,634/mo
Gap financing: $952/mo
$597less per month with the assumable
Your Savings on This Property
533 17th, Colorado Springs · 3.16% VA vs 6.5% conventional
$597
per month
$7,162
per year
$214,852
over 30 years
$214,852
interest saved
How gap financing works: The equity gap ($150,287) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($26,500, 5% of purchase price) and a second mortgage for the rest ($123,787 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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