Loan Comparison: 5.09% vs 6.5%
8408 Hardwood, Colorado Springs, CO 80908 · 4bd/4ba · $595,000
List Price
$595,000
Assumable Rate
5.09%
Remaining Balance
$574,980
Equity Gap
$55,277
Loan Type
VAAdjust Your Scenario
$29,750
$29,750$55,277
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 5.09% (VA)
Blended Rate: 5.23%
Monthly Payment Comparison
New Conventional @ 6.5%
$3,573/moAssumable @ 5.09% + gap loan
$3,315/moAssumed loan: $3,118/mo
Gap financing: $196/mo
$258less per month with the assumable
Your Savings on This Property
8408 Hardwood, Colorado Springs · 5.09% VA vs 6.5% conventional
$258
per month
$3,098
per year
$92,939
over 30 years
$128,196
interest saved
How gap financing works: The equity gap ($55,277) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($29,750, 5% of purchase price) and a second mortgage for the rest ($25,527 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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