Loan Comparison: 4.98% vs 6.5%
4094 Morning Glory, Colorado Springs, CO 80920 · 5bd/4ba · $605,000
List Price
$605,000
Assumable Rate
4.98%
Remaining Balance
$543,360
Equity Gap
$61,640
Loan Type
VAAdjust Your Scenario
$30,250
$30,250$61,640
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 4.98% (VA)
Blended Rate: 5.17%
Monthly Payment Comparison
New Conventional @ 6.5%
$3,633/moAssumable @ 4.98% + gap loan
$3,152/moAssumed loan: $2,910/mo
Gap financing: $241/mo
$481less per month with the assumable
Your Savings on This Property
4094 Morning Glory, Colorado Springs · 4.98% VA vs 6.5% conventional
$481
per month
$5,775
per year
$173,237
over 30 years
$173,237
interest saved
How gap financing works: The equity gap ($61,640) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($30,250, 5% of purchase price) and a second mortgage for the rest ($31,390 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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