Loan Comparison: 3.1% vs 6.5%
14174 Albatross Drive, Colorado Springs, CO 80921 · 3bd/4ba · $505,000
List Price
$505,000
Assumable Rate
3.1%
Remaining Balance
$332,490
Equity Gap
$172,509
Loan Type
VAAdjust Your Scenario
$25,250
$25,250$172,509
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.1% (VA)
Blended Rate: 4.45%
Monthly Payment Comparison
New Conventional @ 6.5%
$3,032/moAssumable @ 3.1% + gap loan
$2,449/moAssumed loan: $1,420/mo
Gap financing: $1,030/mo
$583less per month with the assumable
Your Savings on This Property
14174 Albatross Drive, Colorado Springs · 3.1% VA vs 6.5% conventional
$583
per month
$6,995
per year
$209,845
over 30 years
$209,844
interest saved
How gap financing works: The equity gap ($172,509) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($25,250, 5% of purchase price) and a second mortgage for the rest ($147,259 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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