Loan Comparison: 3.62% vs 6.5%
6042 Ensemble, Colorado Springs, CO 80923 · 2bd/3ba · $305,000
List Price
$305,000
Assumable Rate
3.62%
Remaining Balance
$213,730
Equity Gap
$90,797
Loan Type
VAAdjust Your Scenario
$15,250
$15,250$90,797
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.62% (VA)
Blended Rate: 4.89%
Monthly Payment Comparison
New Conventional @ 6.5%
$1,831/moAssumable @ 3.62% + gap loan
$1,555/moAssumed loan: $974/mo
Gap financing: $581/mo
$276less per month with the assumable
Your Savings on This Property
6042 Ensemble, Colorado Springs · 3.62% VA vs 6.5% conventional
$276
per month
$3,317
per year
$99,507
over 30 years
$99,034
interest saved
How gap financing works: The equity gap ($90,797) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($15,250, 5% of purchase price) and a second mortgage for the rest ($75,547 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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