Loan Comparison: 3% vs 6.5%
1607 Pikes Peak, Colorado Springs, CO 80904 · 6bd/6ba · $1,300,000
List Price
$1,300,000
Assumable Rate
3%
Remaining Balance
$561,363
Equity Gap
$739,890
Loan Type
VAAdjust Your Scenario
$65,000
$65,000$739,890
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3% (VA)
Blended Rate: 6.00%
Monthly Payment Comparison
New Conventional @ 6.5%
$7,806/moAssumable @ 3% + gap loan
$7,556/moAssumed loan: $2,367/mo
Gap financing: $5,189/mo
$250less per month with the assumable
Your Savings on This Property
1607 Pikes Peak, Colorado Springs · 3% VA vs 6.5% conventional
$250
per month
$3,000
per year
$89,997
over 30 years
$91,250
interest saved
How gap financing works: The equity gap ($739,890) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($65,000, 5% of purchase price) and a second mortgage for the rest ($674,890 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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