Loan Comparison: 3.16% vs 6.5%
4023 Diamond Ridge, Colorado Springs, CO 80918 · 2bd/3ba · $356,000
List Price
$356,000
Assumable Rate
3.16%
Remaining Balance
$232,446
Equity Gap
$123,554
Loan Type
VAAdjust Your Scenario
$17,800
$17,800$123,554
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.16% (VA)
Blended Rate: 4.83%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,138/moAssumable @ 3.16% + gap loan
$1,813/moAssumed loan: $1,000/mo
Gap financing: $813/mo
$324less per month with the assumable
Your Savings on This Property
4023 Diamond Ridge, Colorado Springs · 3.16% VA vs 6.5% conventional
$324
per month
$3,892
per year
$116,757
over 30 years
$116,757
interest saved
How gap financing works: The equity gap ($123,554) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($17,800, 5% of purchase price) and a second mortgage for the rest ($105,754 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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