Loan Comparison: 3.23% vs 6.5%
2636 San Miguel, Colorado Springs, CO 80909 · 4bd/2ba · $374,900
List Price
$374,900
Assumable Rate
3.23%
Remaining Balance
$331,845
Equity Gap
$43,055
Loan Type
VAAdjust Your Scenario
$18,745
$18,745$43,055
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.23% (VA)
Blended Rate: 3.59%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,251/moAssumable @ 3.23% + gap loan
$1,627/moAssumed loan: $1,441/mo
Gap financing: $187/mo
$624less per month with the assumable
Your Savings on This Property
2636 San Miguel, Colorado Springs · 3.23% VA vs 6.5% conventional
$624
per month
$7,484
per year
$224,514
over 30 years
$224,514
interest saved
How gap financing works: The equity gap ($43,055) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($18,745, 5% of purchase price) and a second mortgage for the rest ($24,310 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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