Loan Comparison: 3.31% vs 6.5%
5408 Cushing, Colorado Springs, CO 80924 · 3bd/3ba · $339,000
List Price
$339,000
Assumable Rate
3.31%
Remaining Balance
$205,295
Equity Gap
$133,705
Loan Type
VAAdjust Your Scenario
$16,950
$16,950$133,705
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.31% (VA)
Blended Rate: 5.19%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,036/moAssumable @ 3.31% + gap loan
$1,798/moAssumed loan: $900/mo
Gap financing: $898/mo
$238less per month with the assumable
Your Savings on This Property
5408 Cushing, Colorado Springs · 3.31% VA vs 6.5% conventional
$238
per month
$2,851
per year
$85,536
over 30 years
$85,536
interest saved
How gap financing works: The equity gap ($133,705) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($16,950, 5% of purchase price) and a second mortgage for the rest ($116,755 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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