Loan Comparison: 5.23% vs 6.5%
6832 Galpin, Colorado Springs, CO 80925 · 4bd/3ba · $450,000
List Price
$450,000
Assumable Rate
5.23%
Remaining Balance
$418,345
Equity Gap
$31,655
Loan Type
VAAdjust Your Scenario
$22,500
$22,500$31,655
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 5.23% (VA)
Blended Rate: 5.30%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,702/moAssumable @ 5.23% + gap loan
$2,375/moAssumed loan: $2,305/mo
Gap financing: $70/mo
$327less per month with the assumable
Your Savings on This Property
6832 Galpin, Colorado Springs · 5.23% VA vs 6.5% conventional
$327
per month
$3,921
per year
$117,634
over 30 years
$117,634
interest saved
How gap financing works: The equity gap ($31,655) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($22,500, 5% of purchase price) and a second mortgage for the rest ($9,155 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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