Loan Comparison: 4% vs 6.5%
3330 Templeton Gap Road, Colorado Springs, CO 80907 · 4bd/4ba · $315,000
List Price
$315,000
Assumable Rate
4%
Remaining Balance
$294,934
Equity Gap
$20,066
Loan Type
VAAdjust Your Scenario
$15,750
$15,750$20,066
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 4% (VA)
Blended Rate: 4.05%
Monthly Payment Comparison
New Conventional @ 6.5%
$1,891/moAssumable @ 4% + gap loan
$1,438/moAssumed loan: $1,408/mo
Gap financing: $30/mo
$453less per month with the assumable
Your Savings on This Property
3330 Templeton Gap Road, Colorado Springs · 4% VA vs 6.5% conventional
$453
per month
$5,439
per year
$163,161
over 30 years
$163,161
interest saved
How gap financing works: The equity gap ($20,066) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($15,750, 5% of purchase price) and a second mortgage for the rest ($4,316 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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