Loan Comparison: 3.3% vs 6.5%
806 Platte, Colorado Springs, CO 80903 · 3bd/3ba · $599,900
List Price
$599,900
Assumable Rate
3.3%
Remaining Balance
$371,056
Equity Gap
$278,391
Loan Type
VAAdjust Your Scenario
$29,995
$29,995$278,391
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.3% (VA)
Blended Rate: 5.39%
Monthly Payment Comparison
New Conventional @ 6.5%
$3,602/moAssumable @ 3.3% + gap loan
$3,535/moAssumed loan: $1,625/mo
Gap financing: $1,910/mo
$67less per month with the assumable
Your Savings on This Property
806 Platte, Colorado Springs · 3.3% VA vs 6.5% conventional
$67
per month
$806
per year
$24,184
over 30 years
$73,731
interest saved
How gap financing works: The equity gap ($278,391) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($29,995, 5% of purchase price) and a second mortgage for the rest ($248,396 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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