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
$352,326
Equity Gap
$27,674
Loan Type
VAAdjust Your Scenario
$19,000
$19,000$27,674
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.45% (VA)
Blended Rate: 3.57%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,282/moAssumable @ 3.45% + gap loan
$1,639/moAssumed loan: $1,572/mo
Gap financing: $67/mo
$643less per month with the assumable
Your Savings on This Property
3621 Purdue, Colorado Springs · 3.45% VA vs 6.5% conventional
$643
per month
$7,713
per year
$231,403
over 30 years
$231,403
interest saved
How gap financing works: The equity gap ($27,674) 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 ($8,674 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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