Loan Comparison: 3.1% vs 6.5%
9295 Sand Myrtle, Colorado Springs, CO 80925 · 3bd/3ba · $489,000
List Price
$489,000
Assumable Rate
3.1%
Remaining Balance
$458,247
Equity Gap
$30,753
Loan Type
VAAdjust Your Scenario
$24,450
$24,450$30,753
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.1% (VA)
Blended Rate: 3.17%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,936/moAssumable @ 3.1% + gap loan
$2,005/moAssumed loan: $1,957/mo
Gap financing: $48/mo
$931less per month with the assumable
Your Savings on This Property
9295 Sand Myrtle, Colorado Springs · 3.1% VA vs 6.5% conventional
$931
per month
$11,172
per year
$335,166
over 30 years
$335,166
interest saved
How gap financing works: The equity gap ($30,753) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($24,450, 5% of purchase price) and a second mortgage for the rest ($6,303 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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