Loan Comparison: 3.48% vs 6.5%
15954 Backwoods, Colorado Springs, CO 80921 · 4bd/4ba · $705,000
List Price
$705,000
Assumable Rate
3.48%
Remaining Balance
$531,802
Equity Gap
$173,198
Loan Type
VAAdjust Your Scenario
$35,250
$35,250$173,198
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.48% (VA)
Blended Rate: 4.51%
Monthly Payment Comparison
New Conventional @ 6.5%
$4,233/moAssumable @ 3.48% + gap loan
$3,443/moAssumed loan: $2,382/mo
Gap financing: $1,061/mo
$790less per month with the assumable
Your Savings on This Property
15954 Backwoods, Colorado Springs · 3.48% VA vs 6.5% conventional
$790
per month
$9,486
per year
$284,573
over 30 years
$284,573
interest saved
How gap financing works: The equity gap ($173,198) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($35,250, 5% of purchase price) and a second mortgage for the rest ($137,948 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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