Loan Comparison: 4.2% vs 6.5%
1410 Union, Colorado Springs, CO 80909 · 4bd/2ba · $275,000
List Price
$275,000
Assumable Rate
4.2%
Remaining Balance
$143,330
Equity Gap
$131,307
Loan Type
VAAdjust Your Scenario
$13,750
$13,750$131,307
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 4.2% (VA)
Blended Rate: 6.14%
Monthly Payment Comparison
New Conventional @ 6.5%
$1,651/moAssumable @ 4.2% + gap loan
$1,605/moAssumed loan: $701/mo
Gap financing: $904/mo
$46less per month with the assumable
Your Savings on This Property
1410 Union, Colorado Springs · 4.2% VA vs 6.5% conventional
$46
per month
$557
per year
$16,725
over 30 years
$16,362
interest saved
How gap financing works: The equity gap ($131,307) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($13,750, 5% of purchase price) and a second mortgage for the rest ($117,557 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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