Loan Comparison: 3.61% vs 6.5%
4730 Michael Place, Colorado Springs, CO 80918 · 3bd/2ba · $649,900
List Price
$649,900
Assumable Rate
3.61%
Remaining Balance
$297,552
Equity Gap
$352,347
Loan Type
VAAdjust Your Scenario
$32,495
$32,495$352,347
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.61% (VA)
Blended Rate: 5.63%
Monthly Payment Comparison
New Conventional @ 6.5%
$3,902/moAssumable @ 3.61% + gap loan
$3,591/moAssumed loan: $1,354/mo
Gap financing: $2,236/mo
$311less per month with the assumable
Your Savings on This Property
4730 Michael Place, Colorado Springs · 3.61% VA vs 6.5% conventional
$311
per month
$3,738
per year
$112,136
over 30 years
$112,135
interest saved
How gap financing works: The equity gap ($352,347) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($32,495, 5% of purchase price) and a second mortgage for the rest ($319,852 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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