Loan Comparison: 3.45% vs 6.5%
3621 Purdue, Colorado Springs, CO 80909 · 4bd/2ba · $380,000
List Price
$380,000
Assumable Rate
3.45%
Remaining Balance
$353,023
Equity Gap
$26,977
Loan Type
VAAdjust Your Scenario
$19,000
$19,000$26,977
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.45% (VA)
Blended Rate: 3.56%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,282/moAssumable @ 3.45% + gap loan
$1,637/moAssumed loan: $1,575/mo
Gap financing: $61/mo
$645less per month with the assumable
Your Savings on This Property
3621 Purdue, Colorado Springs · 3.45% VA vs 6.5% conventional
$645
per month
$7,740
per year
$232,213
over 30 years
$232,213
interest saved
How gap financing works: The equity gap ($26,977) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($19,000, 5% of purchase price) and a second mortgage for the rest ($7,977 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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