Loan Comparison: 5.23% vs 6.5%
2396 Klein, Colorado Springs, CO 80951 · 4bd/4ba · $479,000
List Price
$479,000
Assumable Rate
5.23%
Remaining Balance
$397,447
Equity Gap
$81,553
Loan Type
VAAdjust Your Scenario
$23,950
$23,950$81,553
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 5.23% (VA)
Blended Rate: 5.64%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,876/moAssumable @ 5.23% + gap loan
$2,633/moAssumed loan: $2,190/mo
Gap financing: $443/mo
$244less per month with the assumable
Your Savings on This Property
2396 Klein, Colorado Springs · 5.23% VA vs 6.5% conventional
$244
per month
$2,922
per year
$87,664
over 30 years
$87,664
interest saved
How gap financing works: The equity gap ($81,553) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($23,950, 5% of purchase price) and a second mortgage for the rest ($57,603 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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