Loan Comparison: 3.45% vs 6.5%
7701 Frigid Air, Colorado Springs, CO 80908 · 4bd/4ba · $499,000
List Price
$499,000
Assumable Rate
3.45%
Remaining Balance
$422,499
Equity Gap
$76,500
Loan Type
VAAdjust Your Scenario
$24,950
$24,950$76,500
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.45% (VA)
Blended Rate: 4.00%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,996/moAssumable @ 3.45% + gap loan
$2,282/moAssumed loan: $1,885/mo
Gap financing: $396/mo
$715less per month with the assumable
Your Savings on This Property
7701 Frigid Air, Colorado Springs · 3.45% VA vs 6.5% conventional
$715
per month
$8,574
per year
$257,222
over 30 years
$257,221
interest saved
How gap financing works: The equity gap ($76,500) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($24,950, 5% of purchase price) and a second mortgage for the rest ($51,550 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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