Loan Comparison: 3.1% vs 6.5%
10520 Horton, Colorado Springs, CO 80925 · 4bd/3ba · $490,000
List Price
$490,000
Assumable Rate
3.1%
Remaining Balance
$466,867
Equity Gap
$26,053
Loan Type
VAAdjust Your Scenario
$24,500
$24,500$26,053
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.1% (VA)
Blended Rate: 3.12%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,942/moAssumable @ 3.1% + gap loan
$2,006/moAssumed loan: $1,994/mo
Gap financing: $12/mo
$937less per month with the assumable
Your Savings on This Property
10520 Horton, Colorado Springs · 3.1% VA vs 6.5% conventional
$937
per month
$11,241
per year
$337,225
over 30 years
$340,145
interest saved
How gap financing works: The equity gap ($26,053) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($24,500, 5% of purchase price) and a second mortgage for the rest ($1,553 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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