Loan Comparison: 3.1% vs 6.5%
1228 Fagin, Colorado Springs, CO 80915 · 4bd/2ba · $380,000
List Price
$380,000
Assumable Rate
3.1%
Remaining Balance
$344,879
Equity Gap
$34,389
Loan Type
VAAdjust Your Scenario
$19,000
$19,000$34,389
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.1% (VA)
Blended Rate: 3.33%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,282/moAssumable @ 3.1% + gap loan
$1,591/moAssumed loan: $1,473/mo
Gap financing: $118/mo
$691less per month with the assumable
Your Savings on This Property
1228 Fagin, Colorado Springs · 3.1% VA vs 6.5% conventional
$691
per month
$8,289
per year
$248,669
over 30 years
$247,937
interest saved
How gap financing works: The equity gap ($34,389) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($19,000, 5% of purchase price) and a second mortgage for the rest ($15,389 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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