Loan Comparison: 3.06% vs 6.5%
2614 Grand Prix, Colorado Springs, CO 80922 · 4bd/3ba · $540,000
List Price
$540,000
Assumable Rate
3.06%
Remaining Balance
$311,313
Equity Gap
$228,687
Loan Type
VAAdjust Your Scenario
$27,000
$27,000$228,687
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.06% (VA)
Blended Rate: 5.20%
Monthly Payment Comparison
New Conventional @ 6.5%
$3,243/moAssumable @ 3.06% + gap loan
$2,873/moAssumed loan: $1,323/mo
Gap financing: $1,551/mo
$369less per month with the assumable
Your Savings on This Property
2614 Grand Prix, Colorado Springs · 3.06% VA vs 6.5% conventional
$369
per month
$4,429
per year
$132,878
over 30 years
$132,878
interest saved
How gap financing works: The equity gap ($228,687) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($27,000, 5% of purchase price) and a second mortgage for the rest ($201,687 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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