Loan Comparison: 3.81% vs 6.5%
6408 Galway, Colorado Springs, CO 80918 · 5bd/4ba · $494,900
List Price
$494,900
Assumable Rate
3.81%
Remaining Balance
$240,870
Equity Gap
$254,030
Loan Type
VAAdjust Your Scenario
$24,745
$24,745$254,030
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.81% (VA)
Blended Rate: 6.10%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,972/moAssumable @ 3.81% + gap loan
$2,887/moAssumed loan: $1,124/mo
Gap financing: $1,763/mo
$85less per month with the assumable
Your Savings on This Property
6408 Galway, Colorado Springs · 3.81% VA vs 6.5% conventional
$85
per month
$1,020
per year
$30,590
over 30 years
$30,590
interest saved
How gap financing works: The equity gap ($254,030) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($24,745, 5% of purchase price) and a second mortgage for the rest ($229,285 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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