Loan Comparison: 3.45% vs 6.5%
7296 Coral Ridge, Colorado Springs, CO 80925 · 4bd/2ba · $400,000
List Price
$400,000
Assumable Rate
3.45%
Remaining Balance
$131,414
Equity Gap
$268,113
Loan Type
VAAdjust Your Scenario
$20,000
$20,000$268,113
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.45% (VA)
Blended Rate: 6.75%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,402/moAssumable @ 3.45% + gap loan
$2,494/moAssumed loan: $586/mo
Gap financing: $1,908/mo
Your Savings on This Property
7296 Coral Ridge, Colorado Springs · 3.45% VA vs 6.5% conventional
$0
per month
$0
per year
$0
over 30 years
$0
interest saved
How gap financing works: The equity gap ($268,113) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($20,000, 5% of purchase price) and a second mortgage for the rest ($248,113 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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