Loan Comparison: 3.06% vs 6.5%
2314 Monument, Colorado Springs, CO 80909 · 2bd/1ba · $340,000
List Price
$340,000
Assumable Rate
3.06%
Remaining Balance
$291,180
Equity Gap
$48,819
Loan Type
VAAdjust Your Scenario
$17,000
$17,000$48,819
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.06% (VA)
Blended Rate: 3.60%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,042/moAssumable @ 3.06% + gap loan
$1,482/moAssumed loan: $1,237/mo
Gap financing: $245/mo
$560less per month with the assumable
Your Savings on This Property
2314 Monument, Colorado Springs · 3.06% VA vs 6.5% conventional
$560
per month
$6,718
per year
$201,546
over 30 years
$201,545
interest saved
How gap financing works: The equity gap ($48,819) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($17,000, 5% of purchase price) and a second mortgage for the rest ($31,819 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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