Loan Comparison: 3.16% vs 6.5%
4023 Diamond Ridge, Colorado Springs, CO 80918 · 2bd/3ba · $345,000
List Price
$345,000
Assumable Rate
3.16%
Remaining Balance
$231,380
Equity Gap
$113,086
Loan Type
VAAdjust Your Scenario
$17,250
$17,250$113,086
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.16% (VA)
Blended Rate: 4.72%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,072/moAssumable @ 3.16% + gap loan
$1,732/moAssumed loan: $996/mo
Gap financing: $737/mo
$339less per month with the assumable
Your Savings on This Property
4023 Diamond Ridge, Colorado Springs · 3.16% VA vs 6.5% conventional
$339
per month
$4,069
per year
$122,083
over 30 years
$121,549
interest saved
How gap financing works: The equity gap ($113,086) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($17,250, 5% of purchase price) and a second mortgage for the rest ($95,836 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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