Loan Comparison: 3.74% vs 6.5%
1056 Keith, Colorado Springs, CO 80916 · 4bd/2ba · $415,000
List Price
$415,000
Assumable Rate
3.74%
Remaining Balance
$196,747
Equity Gap
$218,253
Loan Type
VAAdjust Your Scenario
$20,750
$20,750$218,253
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.74% (VA)
Blended Rate: 6.12%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,492/moAssumable @ 3.74% + gap loan
$2,429/moAssumed loan: $910/mo
Gap financing: $1,519/mo
$63less per month with the assumable
Your Savings on This Property
1056 Keith, Colorado Springs · 3.74% VA vs 6.5% conventional
$63
per month
$759
per year
$22,770
over 30 years
$22,770
interest saved
How gap financing works: The equity gap ($218,253) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($20,750, 5% of purchase price) and a second mortgage for the rest ($197,503 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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