Loan Comparison: 3.02% vs 6.5%
4262 Knollvale, Colorado Springs, CO 80922 · 3bd/3ba · $484,900
List Price
$484,900
Assumable Rate
3.02%
Remaining Balance
$308,177
Equity Gap
$176,723
Loan Type
VAAdjust Your Scenario
$24,245
$24,245$176,723
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.02% (VA)
Blended Rate: 4.83%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,912/moAssumable @ 3.02% + gap loan
$2,475/moAssumed loan: $1,303/mo
Gap financing: $1,172/mo
$437less per month with the assumable
Your Savings on This Property
4262 Knollvale, Colorado Springs · 3.02% VA vs 6.5% conventional
$437
per month
$5,239
per year
$157,182
over 30 years
$157,182
interest saved
How gap financing works: The equity gap ($176,723) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($24,245, 5% of purchase price) and a second mortgage for the rest ($152,478 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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