Loan Comparison: 3.31% vs 6.5%
5580 Flag, Colorado Springs, CO 80919 · 5bd/4ba · $635,000
List Price
$635,000
Assumable Rate
3.31%
Remaining Balance
$325,407
Equity Gap
$309,593
Loan Type
VAAdjust Your Scenario
$31,750
$31,750$309,593
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.31% (VA)
Blended Rate: 5.70%
Monthly Payment Comparison
New Conventional @ 6.5%
$3,813/moAssumable @ 3.31% + gap loan
$3,563/moAssumed loan: $1,427/mo
Gap financing: $2,136/mo
$250less per month with the assumable
Your Savings on This Property
5580 Flag, Colorado Springs · 3.31% VA vs 6.5% conventional
$250
per month
$2,996
per year
$89,873
over 30 years
$89,873
interest saved
How gap financing works: The equity gap ($309,593) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($31,750, 5% of purchase price) and a second mortgage for the rest ($277,843 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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