Loan Comparison: 3.23% vs 6.5%
3456 Heather Glen, Colorado Springs, CO 80922 · 5bd/4ba · $555,000
List Price
$555,000
Assumable Rate
3.23%
Remaining Balance
$258,729
Equity Gap
$295,679
Loan Type
VAAdjust Your Scenario
$27,750
$27,750$295,679
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.23% (VA)
Blended Rate: 5.91%
Monthly Payment Comparison
New Conventional @ 6.5%
$3,333/moAssumable @ 3.23% + gap loan
$3,183/moAssumed loan: $1,123/mo
Gap financing: $2,060/mo
$149less per month with the assumable
Your Savings on This Property
3456 Heather Glen, Colorado Springs · 3.23% VA vs 6.5% conventional
$149
per month
$1,791
per year
$53,737
over 30 years
$53,145
interest saved
How gap financing works: The equity gap ($295,679) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($27,750, 5% of purchase price) and a second mortgage for the rest ($267,929 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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