Loan Comparison: 3.47% vs 6.5%
6042 Ensemble, Colorado Springs, CO 80923 · 0bd/0ba · $299,900
List Price
$299,900
Assumable Rate
3.47%
Remaining Balance
$213,040
Equity Gap
$86,860
Loan Type
VAAdjust Your Scenario
$14,995
$14,995$86,860
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.47% (VA)
Blended Rate: 4.74%
Monthly Payment Comparison
New Conventional @ 6.5%
$1,801/moAssumable @ 3.47% + gap loan
$1,506/moAssumed loan: $953/mo
Gap financing: $553/mo
$295less per month with the assumable
Your Savings on This Property
6042 Ensemble, Colorado Springs · 3.47% VA vs 6.5% conventional
$295
per month
$3,542
per year
$106,248
over 30 years
$106,248
interest saved
How gap financing works: The equity gap ($86,860) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($14,995, 5% of purchase price) and a second mortgage for the rest ($71,865 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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