Loan Comparison: 3.62% vs 6.5%
2510 Black Diamond, Colorado Springs, CO 80918 · 4bd/3ba · $450,000
List Price
$450,000
Assumable Rate
3.62%
Remaining Balance
$316,349
Equity Gap
$133,651
Loan Type
VAAdjust Your Scenario
$22,500
$22,500$133,651
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.62% (VA)
Blended Rate: 4.89%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,702/moAssumable @ 3.62% + gap loan
$2,296/moAssumed loan: $1,442/mo
Gap financing: $855/mo
$406less per month with the assumable
Your Savings on This Property
2510 Black Diamond, Colorado Springs · 3.62% VA vs 6.5% conventional
$406
per month
$4,867
per year
$146,020
over 30 years
$146,020
interest saved
How gap financing works: The equity gap ($133,651) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($22,500, 5% of purchase price) and a second mortgage for the rest ($111,151 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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