Loan Comparison: 2.94% vs 6.5%
4353 Charleston, Colorado Springs, CO 80916 · 3bd/3ba · $266,000
List Price
$266,000
Assumable Rate
2.94%
Remaining Balance
$170,763
Equity Gap
$95,636
Loan Type
VAAdjust Your Scenario
$13,300
$13,300$95,636
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.94% (VA)
Blended Rate: 4.75%
Monthly Payment Comparison
New Conventional @ 6.5%
$1,597/moAssumable @ 2.94% + gap loan
$1,348/moAssumed loan: $714/mo
Gap financing: $633/mo
$250less per month with the assumable
Your Savings on This Property
4353 Charleston, Colorado Springs · 2.94% VA vs 6.5% conventional
$250
per month
$2,997
per year
$89,897
over 30 years
$90,296
interest saved
How gap financing works: The equity gap ($95,636) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($13,300, 5% of purchase price) and a second mortgage for the rest ($82,336 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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