Loan Comparison: 3.73% vs 6.5%
7183 RED CARDINAL, Colorado Springs, CO 80908 · 3bd/3ba · $450,000
List Price
$450,000
Assumable Rate
3.73%
Remaining Balance
$257,804
Equity Gap
$192,196
Loan Type
VAAdjust Your Scenario
$22,500
$22,500$192,196
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.73% (VA)
Blended Rate: 5.62%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,702/moAssumable @ 3.73% + gap loan
$2,496/moAssumed loan: $1,191/mo
Gap financing: $1,305/mo
$206less per month with the assumable
Your Savings on This Property
7183 RED CARDINAL, Colorado Springs · 3.73% VA vs 6.5% conventional
$206
per month
$2,475
per year
$74,257
over 30 years
$74,257
interest saved
How gap financing works: The equity gap ($192,196) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($22,500, 5% of purchase price) and a second mortgage for the rest ($169,696 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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