Loan Comparison: 3.06% vs 6.5%
2314 Monument, Colorado Springs, CO 80909 · 2bd/1ba · $320,000
List Price
$320,000
Assumable Rate
3.06%
Remaining Balance
$290,542
Equity Gap
$27,548
Loan Type
VAAdjust Your Scenario
$16,000
$16,000$27,548
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.06% (VA)
Blended Rate: 3.27%
Monthly Payment Comparison
New Conventional @ 6.5%
$1,921/moAssumable @ 3.06% + gap loan
$1,323/moAssumed loan: $1,234/mo
Gap financing: $89/mo
$598less per month with the assumable
Your Savings on This Property
2314 Monument, Colorado Springs · 3.06% VA vs 6.5% conventional
$598
per month
$7,180
per year
$215,400
over 30 years
$213,490
interest saved
How gap financing works: The equity gap ($27,548) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($16,000, 5% of purchase price) and a second mortgage for the rest ($11,548 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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