Loan Comparison: 3.8% vs 6.5%
58 Watson, Colorado Springs, CO 80911 · 4bd/2ba · $365,000
List Price
$365,000
Assumable Rate
3.8%
Remaining Balance
$245,232
Equity Gap
$119,768
Loan Type
VAAdjust Your Scenario
$18,250
$18,250$119,768
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.8% (VA)
Blended Rate: 5.18%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,192/moAssumable @ 3.8% + gap loan
$1,923/moAssumed loan: $1,143/mo
Gap financing: $781/mo
$268less per month with the assumable
Your Savings on This Property
58 Watson, Colorado Springs · 3.8% VA vs 6.5% conventional
$268
per month
$3,221
per year
$96,636
over 30 years
$96,636
interest saved
How gap financing works: The equity gap ($119,768) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($18,250, 5% of purchase price) and a second mortgage for the rest ($101,518 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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