Loan Comparison: 3% vs 6.5%
9221 Chieftan, Colorado Springs, CO 80925 · 3bd/3ba · $369,999
List Price
$369,999
Assumable Rate
3%
Remaining Balance
$169,241
Equity Gap
$31,517
Loan Type
VAAdjust Your Scenario
$18,500
$18,500$31,517
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3% (VA)
Blended Rate: 3.39%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,222/moAssumable @ 3% + gap loan
$814/moAssumed loan: $714/mo
Gap financing: $100/mo
$1,408less per month with the assumable
Your Savings on This Property
9221 Chieftan, Colorado Springs · 3% VA vs 6.5% conventional
$1,408
per month
$16,897
per year
$506,915
over 30 years
$337,674
interest saved
How gap financing works: The equity gap ($31,517) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($18,500, 5% of purchase price) and a second mortgage for the rest ($13,017 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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