Loan Comparison: 3.47% vs 6.5%
4923 Galileo, Colorado Springs, CO 80917 · 3bd/3ba · $349,900
List Price
$349,900
Assumable Rate
3.47%
Remaining Balance
$291,339
Equity Gap
$58,561
Loan Type
VAAdjust Your Scenario
$17,495
$17,495$58,561
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.47% (VA)
Blended Rate: 4.09%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,101/moAssumable @ 3.47% + gap loan
$1,619/moAssumed loan: $1,303/mo
Gap financing: $316/mo
$482less per month with the assumable
Your Savings on This Property
4923 Galileo, Colorado Springs · 3.47% VA vs 6.5% conventional
$482
per month
$5,783
per year
$173,482
over 30 years
$173,482
interest saved
How gap financing works: The equity gap ($58,561) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($17,495, 5% of purchase price) and a second mortgage for the rest ($41,066 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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