Loan Comparison: 3.31% vs 6.5%
1717 Franklin, Colorado Springs, CO 80907 · 3bd/2ba · $575,000
List Price
$575,000
Assumable Rate
3.31%
Remaining Balance
$273,242
Equity Gap
$301,757
Loan Type
VAAdjust Your Scenario
$28,750
$28,750$301,757
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.31% (VA)
Blended Rate: 5.90%
Monthly Payment Comparison
New Conventional @ 6.5%
$3,453/moAssumable @ 3.31% + gap loan
$3,297/moAssumed loan: $1,198/mo
Gap financing: $2,099/mo
$155less per month with the assumable
Your Savings on This Property
1717 Franklin, Colorado Springs · 3.31% VA vs 6.5% conventional
$155
per month
$1,864
per year
$55,908
over 30 years
$55,907
interest saved
How gap financing works: The equity gap ($301,757) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($28,750, 5% of purchase price) and a second mortgage for the rest ($273,007 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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