Loan Comparison: 5.1% vs 6.5%
6832 Galpin, Colorado Springs, CO 80925 · 4bd/3ba · $445,000
List Price
$445,000
Assumable Rate
5.1%
Remaining Balance
$445,005
Equity Gap
$27,878
Loan Type
VAAdjust Your Scenario
$22,250
$22,250$27,878
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 5.1% (VA)
Blended Rate: 5.14%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,672/moAssumable @ 5.1% + gap loan
$2,459/moAssumed loan: $2,416/mo
Gap financing: $43/mo
$213less per month with the assumable
Your Savings on This Property
6832 Galpin, Colorado Springs · 5.1% VA vs 6.5% conventional
$213
per month
$2,552
per year
$76,550
over 30 years
$104,433
interest saved
How gap financing works: The equity gap ($27,878) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($22,250, 5% of purchase price) and a second mortgage for the rest ($5,628 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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