Loan Comparison: 3.02% vs 6.5%
4394 Hanging Lake, Colorado Springs, CO 80924 · 4bd/3ba · $825,000
List Price
$825,000
Assumable Rate
3.02%
Remaining Balance
$396,434
Equity Gap
$428,565
Loan Type
VAAdjust Your Scenario
$41,250
$41,250$428,565
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.02% (VA)
Blended Rate: 5.73%
Monthly Payment Comparison
New Conventional @ 6.5%
$4,954/moAssumable @ 3.02% + gap loan
$4,654/moAssumed loan: $1,676/mo
Gap financing: $2,978/mo
$300less per month with the assumable
Your Savings on This Property
4394 Hanging Lake, Colorado Springs · 3.02% VA vs 6.5% conventional
$300
per month
$3,601
per year
$108,020
over 30 years
$108,019
interest saved
How gap financing works: The equity gap ($428,565) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($41,250, 5% of purchase price) and a second mortgage for the rest ($387,315 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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