Loan Comparison: 3.16% vs 6.5%
1301 Wynkoop, Colorado Springs, CO 80909 · 4bd/2ba · $410,000
List Price
$410,000
Assumable Rate
3.16%
Remaining Balance
$294,148
Equity Gap
$140,852
Loan Type
VAAdjust Your Scenario
$20,500
$20,500$140,852
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.16% (VA)
Blended Rate: 4.71%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,462/moAssumable @ 3.16% + gap loan
$2,191/moAssumed loan: $1,266/mo
Gap financing: $925/mo
$271less per month with the assumable
Your Savings on This Property
1301 Wynkoop, Colorado Springs · 3.16% VA vs 6.5% conventional
$271
per month
$3,250
per year
$97,501
over 30 years
$122,501
interest saved
How gap financing works: The equity gap ($140,852) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($20,500, 5% of purchase price) and a second mortgage for the rest ($120,352 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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