Loan Comparison: 5.23% vs 6.5%
7475 Chancellor, Colorado Springs, CO 80920 · 5bd/4ba · $599,900
List Price
$599,900
Assumable Rate
5.23%
Remaining Balance
$470,045
Equity Gap
$129,854
Loan Type
VAAdjust Your Scenario
$29,995
$29,995$129,854
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 5.23% (VA)
Blended Rate: 5.80%
Monthly Payment Comparison
New Conventional @ 6.5%
$3,602/moAssumable @ 5.23% + gap loan
$3,358/moAssumed loan: $2,590/mo
Gap financing: $768/mo
$245less per month with the assumable
Your Savings on This Property
7475 Chancellor, Colorado Springs · 5.23% VA vs 6.5% conventional
$245
per month
$2,935
per year
$88,046
over 30 years
$88,045
interest saved
How gap financing works: The equity gap ($129,854) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($29,995, 5% of purchase price) and a second mortgage for the rest ($99,859 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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