Loan Comparison: 3.75% vs 6.5%
5115 Farthing Drive, Colorado Springs, CO 80906 · 3bd/3ba · $795,000
List Price
$795,000
Assumable Rate
3.75%
Remaining Balance
$244,396
Equity Gap
$550,603
Loan Type
VAAdjust Your Scenario
$39,750
$39,750$550,603
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.75% (VA)
Blended Rate: 6.29%
Monthly Payment Comparison
New Conventional @ 6.5%
$4,774/moAssumable @ 3.75% + gap loan
$4,704/moAssumed loan: $1,132/mo
Gap financing: $3,572/mo
$70less per month with the assumable
Your Savings on This Property
5115 Farthing Drive, Colorado Springs · 3.75% VA vs 6.5% conventional
$70
per month
$839
per year
$25,164
over 30 years
$25,163
interest saved
How gap financing works: The equity gap ($550,603) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($39,750, 5% of purchase price) and a second mortgage for the rest ($510,853 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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