Loan Comparison: 5.83% vs 6.5%
1016 Moorings, Colorado Springs, CO 80906 · 2bd/2ba · $270,000
List Price
$270,000
Assumable Rate
5.83%
Remaining Balance
$267,600
Equity Gap
$15,891
Loan Type
VAAdjust Your Scenario
$13,500
$13,500$15,891
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 5.83% (VA)
Blended Rate: 5.85%
Monthly Payment Comparison
New Conventional @ 6.5%
$1,621/moAssumable @ 5.83% + gap loan
$1,594/moAssumed loan: $1,575/mo
Gap financing: $18/mo
$28less per month with the assumable
Your Savings on This Property
1016 Moorings, Colorado Springs · 5.83% VA vs 6.5% conventional
$28
per month
$331
per year
$9,937
over 30 years
$23,428
interest saved
How gap financing works: The equity gap ($15,891) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($13,500, 5% of purchase price) and a second mortgage for the rest ($2,391 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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