Loan Comparison: 3.07% vs 6.5%
562 Kearney, Colorado Springs, CO 80906 · 2bd/2ba · $325,000
List Price
$325,000
Assumable Rate
3.07%
Remaining Balance
$276,722
Equity Gap
$82,758
Loan Type
VAAdjust Your Scenario
$16,250
$16,250$82,758
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.07% (VA)
Blended Rate: 4.12%
Monthly Payment Comparison
New Conventional @ 6.5%
$1,952/moAssumable @ 3.07% + gap loan
$1,689/moAssumed loan: $1,177/mo
Gap financing: $511/mo
$263less per month with the assumable
Your Savings on This Property
562 Kearney, Colorado Springs · 3.07% VA vs 6.5% conventional
$263
per month
$3,156
per year
$94,672
over 30 years
$129,152
interest saved
How gap financing works: The equity gap ($82,758) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($16,250, 5% of purchase price) and a second mortgage for the rest ($66,508 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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