Loan Comparison: 5.51% vs 6.5%
7654 Sun Shimmer, Colorado Springs, CO 80908 · 4bd/4ba · $486,000
List Price
$486,000
Assumable Rate
5.51%
Remaining Balance
$485,284
Equity Gap
$28,456
Loan Type
VAAdjust Your Scenario
$24,300
$24,300$28,456
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 5.51% (VA)
Blended Rate: 5.54%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,918/moAssumable @ 5.51% + gap loan
$2,790/moAssumed loan: $2,758/mo
Gap financing: $32/mo
$128less per month with the assumable
Your Savings on This Property
7654 Sun Shimmer, Colorado Springs · 5.51% VA vs 6.5% conventional
$128
per month
$1,534
per year
$46,032
over 30 years
$73,772
interest saved
How gap financing works: The equity gap ($28,456) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($24,300, 5% of purchase price) and a second mortgage for the rest ($4,156 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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