Loan Comparison: 3.02% vs 6.5%
7430 Waterside, Colorado Springs, CO 80925 · 5bd/4ba · $565,000
List Price
$565,000
Assumable Rate
3.02%
Remaining Balance
$380,338
Equity Gap
$186,406
Loan Type
VAAdjust Your Scenario
$28,250
$28,250$186,406
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.02% (VA)
Blended Rate: 4.63%
Monthly Payment Comparison
New Conventional @ 6.5%
$3,393/moAssumable @ 3.02% + gap loan
$2,824/moAssumed loan: $1,608/mo
Gap financing: $1,216/mo
$569less per month with the assumable
Your Savings on This Property
7430 Waterside, Colorado Springs · 3.02% VA vs 6.5% conventional
$569
per month
$6,827
per year
$204,810
over 30 years
$206,554
interest saved
How gap financing works: The equity gap ($186,406) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($28,250, 5% of purchase price) and a second mortgage for the rest ($158,156 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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