Loan Comparison: 4.5% vs 6.5%
5248 Prairie Grass, Colorado Springs, CO 80922 · 3bd/3ba · $450,000
List Price
$450,000
Assumable Rate
4.5%
Remaining Balance
$213,850
Equity Gap
$359,783
Loan Type
VAAdjust Your Scenario
$22,500
$22,500$359,783
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 4.5% (VA)
Blended Rate: 6.95%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,702/moAssumable @ 4.5% + gap loan
$3,677/moAssumed loan: $1,084/mo
Gap financing: $2,593/mo
Your Savings on This Property
5248 Prairie Grass, Colorado Springs · 4.5% VA vs 6.5% conventional
$0
per month
$0
per year
$0
over 30 years
$0
interest saved
How gap financing works: The equity gap ($359,783) 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 ($337,283 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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