Loan Comparison: 3.23% vs 6.5%
10120 Clear Creek, Colorado Springs, CO 80920 · 5bd/4ba · $699,000
List Price
$699,000
Assumable Rate
3.23%
Remaining Balance
$368,493
Equity Gap
$330,507
Loan Type
VAAdjust Your Scenario
$34,950
$34,950$330,507
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.23% (VA)
Blended Rate: 5.58%
Monthly Payment Comparison
New Conventional @ 6.5%
$4,197/moAssumable @ 3.23% + gap loan
$3,872/moAssumed loan: $1,600/mo
Gap financing: $2,273/mo
$325less per month with the assumable
Your Savings on This Property
10120 Clear Creek, Colorado Springs · 3.23% VA vs 6.5% conventional
$325
per month
$3,900
per year
$117,003
over 30 years
$117,003
interest saved
How gap financing works: The equity gap ($330,507) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($34,950, 5% of purchase price) and a second mortgage for the rest ($295,557 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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