Loan Comparison: 3.18% vs 6.5%
2388 Rusty Ridge, Colorado Springs, CO 80921 · 5bd/4ba · $989,500
List Price
$989,500
Assumable Rate
3.18%
Remaining Balance
$647,435
Equity Gap
$417,065
Loan Type
VAAdjust Your Scenario
$49,475
$49,475$417,065
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.18% (VA)
Blended Rate: 5.11%
Monthly Payment Comparison
New Conventional @ 6.5%
$5,942/moAssumable @ 3.18% + gap loan
$5,619/moAssumed loan: $2,793/mo
Gap financing: $2,826/mo
$322less per month with the assumable
Your Savings on This Property
2388 Rusty Ridge, Colorado Springs · 3.18% VA vs 6.5% conventional
$322
per month
$3,867
per year
$116,022
over 30 years
$191,022
interest saved
How gap financing works: The equity gap ($417,065) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($49,475, 5% of purchase price) and a second mortgage for the rest ($367,590 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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