Loan Comparison: 6% vs 6.5%
6940 Peachleaf, Colorado Springs, CO 80925 · 6bd/4ba · $583,000
List Price
$583,000
Assumable Rate
6%
Remaining Balance
$514,451
Equity Gap
$68,549
Loan Type
VAAdjust Your Scenario
$29,150
$29,150$68,549
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 6% (VA)
Blended Rate: 6.18%
Monthly Payment Comparison
New Conventional @ 6.5%
$3,501/moAssumable @ 6% + gap loan
$3,387/moAssumed loan: $3,084/mo
Gap financing: $303/mo
$113less per month with the assumable
Your Savings on This Property
6940 Peachleaf, Colorado Springs · 6% VA vs 6.5% conventional
$113
per month
$1,360
per year
$40,814
over 30 years
$40,814
interest saved
How gap financing works: The equity gap ($68,549) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($29,150, 5% of purchase price) and a second mortgage for the rest ($39,399 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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