Loan Comparison: 3.02% vs 6.5%
2962 Namib, Colorado Springs, CO 80939 · 4bd/3ba · $510,000
List Price
$510,000
Assumable Rate
3.02%
Remaining Balance
$352,071
Equity Gap
$153,087
Loan Type
VAAdjust Your Scenario
$25,500
$25,500$153,087
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.02% (VA)
Blended Rate: 4.48%
Monthly Payment Comparison
New Conventional @ 6.5%
$3,062/moAssumable @ 3.02% + gap loan
$2,469/moAssumed loan: $1,488/mo
Gap financing: $981/mo
$593less per month with the assumable
Your Savings on This Property
2962 Namib, Colorado Springs · 3.02% VA vs 6.5% conventional
$593
per month
$7,118
per year
$213,548
over 30 years
$208,706
interest saved
How gap financing works: The equity gap ($153,087) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($25,500, 5% of purchase price) and a second mortgage for the rest ($127,587 at 8.5%). 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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