Loan Comparison: 3.02% vs 6.5%
4394 Hanging Lake, Colorado Springs, CO 80924 · 4bd/3ba · $810,000
List Price
$810,000
Assumable Rate
3.02%
Remaining Balance
$393,704
Equity Gap
$416,296
Loan Type
VAAdjust Your Scenario
$40,500
$40,500$416,296
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.02% (VA)
Blended Rate: 5.70%
Monthly Payment Comparison
New Conventional @ 6.5%
$4,864/moAssumable @ 3.02% + gap loan
$4,554/moAssumed loan: $1,664/mo
Gap financing: $2,890/mo
$310less per month with the assumable
Your Savings on This Property
4394 Hanging Lake, Colorado Springs · 3.02% VA vs 6.5% conventional
$310
per month
$3,721
per year
$111,634
over 30 years
$111,634
interest saved
How gap financing works: The equity gap ($416,296) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($40,500, 5% of purchase price) and a second mortgage for the rest ($375,796 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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