Loan Comparison: 3.23% vs 6.5%
1358 Celtic, Colorado Springs, CO 80910 · 5bd/3ba · $499,900
List Price
$499,900
Assumable Rate
3.23%
Remaining Balance
$319,664
Equity Gap
$180,236
Loan Type
VAAdjust Your Scenario
$24,995
$24,995$180,236
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.23% (VA)
Blended Rate: 4.95%
Monthly Payment Comparison
New Conventional @ 6.5%
$3,002/moAssumable @ 3.23% + gap loan
$2,581/moAssumed loan: $1,388/mo
Gap financing: $1,194/mo
$420less per month with the assumable
Your Savings on This Property
1358 Celtic, Colorado Springs · 3.23% VA vs 6.5% conventional
$420
per month
$5,044
per year
$151,330
over 30 years
$151,330
interest saved
How gap financing works: The equity gap ($180,236) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($24,995, 5% of purchase price) and a second mortgage for the rest ($155,241 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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