Loan Comparison: 4.03% vs 6.5%
1013 Platte, Colorado Springs, CO 80903 · 1bd/1ba · $330,000
List Price
$330,000
Assumable Rate
4.03%
Remaining Balance
$163,300
Equity Gap
$166,700
Loan Type
VAAdjust Your Scenario
$16,500
$16,500$166,700
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 4.03% (VA)
Blended Rate: 6.17%
Monthly Payment Comparison
New Conventional @ 6.5%
$1,982/moAssumable @ 4.03% + gap loan
$1,937/moAssumed loan: $782/mo
Gap financing: $1,155/mo
$44less per month with the assumable
Your Savings on This Property
1013 Platte, Colorado Springs · 4.03% VA vs 6.5% conventional
$44
per month
$530
per year
$15,904
over 30 years
$15,904
interest saved
How gap financing works: The equity gap ($166,700) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($16,500, 5% of purchase price) and a second mortgage for the rest ($150,200 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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