Loan Comparison: 3.16% vs 6.5%
6149 San Mateo, Colorado Springs, CO 80911 · 4bd/3ba · $435,000
List Price
$435,000
Assumable Rate
3.16%
Remaining Balance
$316,135
Equity Gap
$118,865
Loan Type
VAAdjust Your Scenario
$21,750
$21,750$118,865
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.16% (VA)
Blended Rate: 4.41%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,612/moAssumable @ 3.16% + gap loan
$2,107/moAssumed loan: $1,360/mo
Gap financing: $747/mo
$505less per month with the assumable
Your Savings on This Property
6149 San Mateo, Colorado Springs · 3.16% VA vs 6.5% conventional
$505
per month
$6,060
per year
$181,807
over 30 years
$181,807
interest saved
How gap financing works: The equity gap ($118,865) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($21,750, 5% of purchase price) and a second mortgage for the rest ($97,115 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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