Loan Comparison: 3% vs 6.5%
12578 Broad Oaks, Colorado Springs, CO 80921 · 4bd/3ba · $770,000
List Price
$770,000
Assumable Rate
3%
Remaining Balance
$622,160
Equity Gap
$197,840
Loan Type
VAAdjust Your Scenario
$38,500
$38,500$197,840
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3% (VA)
Blended Rate: 4.12%
Monthly Payment Comparison
New Conventional @ 6.5%
$4,624/moAssumable @ 3% + gap loan
$3,848/moAssumed loan: $2,623/mo
Gap financing: $1,225/mo
$775less per month with the assumable
Your Savings on This Property
12578 Broad Oaks, Colorado Springs · 3% VA vs 6.5% conventional
$775
per month
$9,304
per year
$279,122
over 30 years
$329,122
interest saved
How gap financing works: The equity gap ($197,840) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($38,500, 5% of purchase price) and a second mortgage for the rest ($159,340 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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