Loan Comparison: 3.16% vs 6.5%
320 Cranbrook, Colorado Springs, CO 80906 · 4bd/2ba · $395,000
List Price
$395,000
Assumable Rate
3.16%
Remaining Balance
$283,180
Equity Gap
$111,819
Loan Type
VAAdjust Your Scenario
$19,750
$19,750$111,819
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.16% (VA)
Blended Rate: 4.47%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,372/moAssumable @ 3.16% + gap loan
$1,926/moAssumed loan: $1,218/mo
Gap financing: $708/mo
$445less per month with the assumable
Your Savings on This Property
320 Cranbrook, Colorado Springs · 3.16% VA vs 6.5% conventional
$445
per month
$5,345
per year
$160,355
over 30 years
$160,354
interest saved
How gap financing works: The equity gap ($111,819) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($19,750, 5% of purchase price) and a second mortgage for the rest ($92,069 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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