Loan Comparison: 3.81% vs 6.5%
6408 Galway, Colorado Springs, CO 80918 · 5bd/4ba · $489,900
List Price
$489,900
Assumable Rate
3.81%
Remaining Balance
$240,269
Equity Gap
$249,631
Loan Type
VAAdjust Your Scenario
$24,495
$24,495$249,631
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.81% (VA)
Blended Rate: 6.08%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,942/moAssumable @ 3.81% + gap loan
$2,852/moAssumed loan: $1,121/mo
Gap financing: $1,731/mo
$90less per month with the assumable
Your Savings on This Property
6408 Galway, Colorado Springs · 3.81% VA vs 6.5% conventional
$90
per month
$1,076
per year
$32,276
over 30 years
$32,276
interest saved
How gap financing works: The equity gap ($249,631) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($24,495, 5% of purchase price) and a second mortgage for the rest ($225,136 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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