Loan Comparison: 3% vs 6.5%
3715 Strawberry Field, Colorado Springs, CO 80906 · 2bd/2ba · $245,000
List Price
$245,000
Assumable Rate
3%
Remaining Balance
$242,577
Equity Gap
$139,191
Loan Type
VAAdjust Your Scenario
$12,250
$12,250$139,191
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3% (VA)
Blended Rate: 4.89%
Monthly Payment Comparison
New Conventional @ 6.5%
$1,471/moAssumable @ 3% + gap loan
$1,999/moAssumed loan: $1,023/mo
Gap financing: $976/mo
Your Savings on This Property
3715 Strawberry Field, Colorado Springs · 3% VA vs 6.5% conventional
$0
per month
$0
per year
$0
over 30 years
$0
interest saved
How gap financing works: The equity gap ($139,191) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($12,250, 5% of purchase price) and a second mortgage for the rest ($126,941 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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