Loan Comparison: 3.1% vs 6.5%
1420 Point Of The Pines Drive, Colorado Springs, CO 80919 · 0bd/0ba · $6,000,000
List Price
$6,000,000
Assumable Rate
3.1%
Remaining Balance
$1,878,741
Equity Gap
$4,121,259
Loan Type
VAAdjust Your Scenario
$300,000
$300,000$4,121,259
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.1% (VA)
Blended Rate: 6.05%
Monthly Payment Comparison
New Conventional @ 6.5%
$36,028/moAssumable @ 3.1% + gap loan
$34,741/moAssumed loan: $8,023/mo
Gap financing: $26,719/mo
$1,287less per month with the assumable
Your Savings on This Property
1420 Point Of The Pines Drive, Colorado Springs · 3.1% VA vs 6.5% conventional
$1,287
per month
$15,439
per year
$463,157
over 30 years
$463,157
interest saved
How gap financing works: The equity gap ($4,121,259) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($300,000, 5% of purchase price) and a second mortgage for the rest ($3,821,259 at 7.5%). 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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