Loan Comparison: 3.13% vs 6.5%
320 Cranbrook Circle, Colorado Springs, CO 80906 · 2bd/1ba · $395,000
List Price
$395,000
Assumable Rate
3.13%
Remaining Balance
$282,347
Equity Gap
$112,652
Loan Type
VAAdjust Your Scenario
$19,750
$19,750$112,652
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.13% (VA)
Blended Rate: 4.21%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,372/moAssumable @ 3.13% + gap loan
$1,860/moAssumed loan: $1,210/mo
Gap financing: $650/mo
$512less per month with the assumable
Your Savings on This Property
320 Cranbrook Circle, Colorado Springs · 3.13% VA vs 6.5% conventional
$512
per month
$6,144
per year
$184,312
over 30 years
$184,311
interest saved
How gap financing works: The equity gap ($112,652) 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 ($92,902 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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