Loan Comparison: 3.16% vs 6.5%
1511 Server, Colorado Springs, CO 80910 · 4bd/3ba · $389,000
List Price
$389,000
Assumable Rate
3.16%
Remaining Balance
$240,986
Equity Gap
$148,013
Loan Type
VAAdjust Your Scenario
$19,450
$19,450$148,013
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.16% (VA)
Blended Rate: 5.02%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,336/moAssumable @ 3.16% + gap loan
$2,025/moAssumed loan: $1,037/mo
Gap financing: $989/mo
$310less per month with the assumable
Your Savings on This Property
1511 Server, Colorado Springs · 3.16% VA vs 6.5% conventional
$310
per month
$3,724
per year
$111,726
over 30 years
$111,725
interest saved
How gap financing works: The equity gap ($148,013) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($19,450, 5% of purchase price) and a second mortgage for the rest ($128,563 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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