Loan Comparison: 3.88% vs 6.5%
1774 Grand Overlook, Colorado Springs, CO 80910 · 3bd/3ba · $280,000
List Price
$280,000
Assumable Rate
3.88%
Remaining Balance
$179,548
Equity Gap
$99,120
Loan Type
VAAdjust Your Scenario
$14,000
$14,000$99,120
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.88% (VA)
Blended Rate: 5.37%
Monthly Payment Comparison
New Conventional @ 6.5%
$1,681/moAssumable @ 3.88% + gap loan
$1,499/moAssumed loan: $845/mo
Gap financing: $654/mo
$182less per month with the assumable
Your Savings on This Property
1774 Grand Overlook, Colorado Springs · 3.88% VA vs 6.5% conventional
$182
per month
$2,184
per year
$65,515
over 30 years
$64,183
interest saved
How gap financing works: The equity gap ($99,120) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($14,000, 5% of purchase price) and a second mortgage for the rest ($85,120 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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