Loan Comparison: 4% vs 6.5%
9215 Chetwood, Colorado Springs, CO 80920 · 5bd/4ba · $699,900
List Price
$699,900
Assumable Rate
4%
Remaining Balance
$647,000
Equity Gap
$102,431
Loan Type
VAAdjust Your Scenario
$34,995
$34,995$102,431
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 4% (VA)
Blended Rate: 4.42%
Monthly Payment Comparison
New Conventional @ 6.5%
$4,203/moAssumable @ 4% + gap loan
$3,607/moAssumed loan: $3,089/mo
Gap financing: $519/mo
$595less per month with the assumable
Your Savings on This Property
9215 Chetwood, Colorado Springs · 4% VA vs 6.5% conventional
$595
per month
$7,143
per year
$214,290
over 30 years
$263,821
interest saved
How gap financing works: The equity gap ($102,431) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($34,995, 5% of purchase price) and a second mortgage for the rest ($67,436 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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