Loan Comparison: 4.98% vs 6.5%
6149 Mumford, Colorado Springs, CO 80925 · 3bd/3ba · $438,500
List Price
$438,500
Assumable Rate
4.98%
Remaining Balance
$416,559
Equity Gap
$21,940
Loan Type
VAAdjust Your Scenario
$21,925
$21,925$21,940
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 4.98% (VA)
Blended Rate: 4.98%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,633/moAssumable @ 4.98% + gap loan
$2,231/moAssumed loan: $2,231/mo
Gap financing: $0/mo
$402less per month with the assumable
Your Savings on This Property
6149 Mumford, Colorado Springs · 4.98% VA vs 6.5% conventional
$402
per month
$4,822
per year
$144,660
over 30 years
$144,659
interest saved
How gap financing works: The equity gap ($21,940) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($21,925, 5% of purchase price) and a second mortgage for the rest ($15 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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