Loan Comparison: 3% vs 6.5%
4550 Star Ridge Drive, Colorado Springs, CO 80916 · 3bd/2ba · $439,000
List Price
$439,000
Assumable Rate
3%
Remaining Balance
$394,750
Equity Gap
$44,249
Loan Type
VAAdjust Your Scenario
$21,950
$21,950$44,249
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3% (VA)
Blended Rate: 3.24%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,636/moAssumable @ 3% + gap loan
$1,820/moAssumed loan: $1,664/mo
Gap financing: $156/mo
$816less per month with the assumable
Your Savings on This Property
4550 Star Ridge Drive, Colorado Springs · 3% VA vs 6.5% conventional
$816
per month
$9,790
per year
$293,702
over 30 years
$293,701
interest saved
How gap financing works: The equity gap ($44,249) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($21,950, 5% of purchase price) and a second mortgage for the rest ($22,299 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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