Loan Comparison: 3.31% vs 6.5%
745 Herbglen, Colorado Springs, CO 80906 · 5bd/5ba · $800,000
List Price
$800,000
Assumable Rate
3.31%
Remaining Balance
$349,035
Equity Gap
$450,965
Loan Type
VAAdjust Your Scenario
$40,000
$40,000$450,965
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.31% (VA)
Blended Rate: 6.12%
Monthly Payment Comparison
New Conventional @ 6.5%
$4,804/moAssumable @ 3.31% + gap loan
$4,691/moAssumed loan: $1,531/mo
Gap financing: $3,160/mo
$113less per month with the assumable
Your Savings on This Property
745 Herbglen, Colorado Springs · 3.31% VA vs 6.5% conventional
$113
per month
$1,359
per year
$40,756
over 30 years
$40,756
interest saved
How gap financing works: The equity gap ($450,965) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($40,000, 5% of purchase price) and a second mortgage for the rest ($410,965 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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