Loan Comparison: 6.94% vs 6.5%
326 Santa Fe Place, Manitou Springs, CO 80829 · 3bd/2ba · $395,000
List Price
$395,000
Assumable Rate
6.94%
Remaining Balance
$312,267
Equity Gap
$82,732
Loan Type
VAAdjust Your Scenario
$19,750
$19,750$82,732
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 6.94% (VA)
Blended Rate: 7.03%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,372/moAssumable @ 6.94% + gap loan
$2,505/moAssumed loan: $2,065/mo
Gap financing: $440/mo
Your Savings on This Property
326 Santa Fe Place, Manitou Springs · 6.94% 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 ($82,732) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($19,750, 5% of purchase price) and a second mortgage for the rest ($62,982 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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