Loan Comparison: 2.9% vs 6.5%
306 Sutherland Place, Manitou Springs, CO 80829 · 6bd/2ba · $767,000
List Price
$767,000
Assumable Rate
2.9%
Remaining Balance
$342,889
Equity Gap
$424,111
Loan Type
VAAdjust Your Scenario
$38,350
$38,350$424,111
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.9% (VA)
Blended Rate: 5.34%
Monthly Payment Comparison
New Conventional @ 6.5%
$4,606/moAssumable @ 2.9% + gap loan
$4,125/moAssumed loan: $1,427/mo
Gap financing: $2,697/mo
$481less per month with the assumable
Your Savings on This Property
306 Sutherland Place, Manitou Springs · 2.9% VA vs 6.5% conventional
$481
per month
$5,773
per year
$173,182
over 30 years
$173,182
interest saved
How gap financing works: The equity gap ($424,111) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($38,350, 5% of purchase price) and a second mortgage for the rest ($385,761 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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