Loan Comparison: 3.88% vs 6.5%
28 7th, Colorado Springs, CO 80905 · 4bd/2ba · $535,000
List Price
$535,000
Assumable Rate
3.88%
Remaining Balance
$315,165
Equity Gap
$219,045
Loan Type
VAAdjust Your Scenario
$26,750
$26,750$219,045
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.88% (VA)
Blended Rate: 5.63%
Monthly Payment Comparison
New Conventional @ 6.5%
$3,212/moAssumable @ 3.88% + gap loan
$2,962/moAssumed loan: $1,483/mo
Gap financing: $1,479/mo
$251less per month with the assumable
Your Savings on This Property
28 7th, Colorado Springs · 3.88% VA vs 6.5% conventional
$251
per month
$3,012
per year
$90,353
over 30 years
$89,563
interest saved
How gap financing works: The equity gap ($219,045) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($26,750, 5% of purchase price) and a second mortgage for the rest ($192,295 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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