Loan Comparison: 3.11% vs 6.5%
3246 Breckenridge, Colorado Springs, CO 80906 · 3bd/2ba · $465,000
List Price
$465,000
Assumable Rate
3.11%
Remaining Balance
$393,450
Equity Gap
$72,387
Loan Type
VAAdjust Your Scenario
$23,250
$23,250$72,387
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.11% (VA)
Blended Rate: 3.71%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,792/moAssumable @ 3.11% + gap loan
$2,060/moAssumed loan: $1,682/mo
Gap financing: $378/mo
$732less per month with the assumable
Your Savings on This Property
3246 Breckenridge, Colorado Springs · 3.11% VA vs 6.5% conventional
$732
per month
$8,785
per year
$263,558
over 30 years
$264,395
interest saved
How gap financing works: The equity gap ($72,387) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($23,250, 5% of purchase price) and a second mortgage for the rest ($49,137 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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