Loan Comparison: 3.07% vs 6.5%
2736 Ben, Colorado Springs, CO 80909 · 3bd/1ba · $307,000
List Price
$307,000
Assumable Rate
3.07%
Remaining Balance
$277,403
Equity Gap
$29,596
Loan Type
VAAdjust Your Scenario
$15,350
$15,350$29,596
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.07% (VA)
Blended Rate: 3.34%
Monthly Payment Comparison
New Conventional @ 6.5%
$1,843/moAssumable @ 3.07% + gap loan
$1,290/moAssumed loan: $1,180/mo
Gap financing: $110/mo
$554less per month with the assumable
Your Savings on This Property
2736 Ben, Colorado Springs · 3.07% VA vs 6.5% conventional
$554
per month
$6,646
per year
$199,385
over 30 years
$199,384
interest saved
How gap financing works: The equity gap ($29,596) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($15,350, 5% of purchase price) and a second mortgage for the rest ($14,246 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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