Loan Comparison: 3.3% vs 6.5%
1205 Houston, Colorado Springs, CO 80905 · 2bd/1ba · $279,999
List Price
$279,999
Assumable Rate
3.3%
Remaining Balance
$247,566
Equity Gap
$64,998
Loan Type
VAAdjust Your Scenario
$14,000
$14,000$64,998
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.3% (VA)
Blended Rate: 4.19%
Monthly Payment Comparison
New Conventional @ 6.5%
$1,681/moAssumable @ 3.3% + gap loan
$1,476/moAssumed loan: $1,084/mo
Gap financing: $392/mo
$205less per month with the assumable
Your Savings on This Property
1205 Houston, Colorado Springs · 3.3% VA vs 6.5% conventional
$205
per month
$2,459
per year
$73,777
over 30 years
$106,342
interest saved
How gap financing works: The equity gap ($64,998) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($14,000, 5% of purchase price) and a second mortgage for the rest ($50,998 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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