Loan Comparison: 3.02% vs 6.5%
8340 James Creek, Colorado Springs, CO 80924 · 5bd/4ba · $589,000
List Price
$589,000
Assumable Rate
3.02%
Remaining Balance
$374,632
Equity Gap
$213,507
Loan Type
VAAdjust Your Scenario
$29,450
$29,450$213,507
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.02% (VA)
Blended Rate: 4.83%
Monthly Payment Comparison
New Conventional @ 6.5%
$3,537/moAssumable @ 3.02% + gap loan
$2,999/moAssumed loan: $1,584/mo
Gap financing: $1,415/mo
$538less per month with the assumable
Your Savings on This Property
8340 James Creek, Colorado Springs · 3.02% VA vs 6.5% conventional
$538
per month
$6,456
per year
$193,676
over 30 years
$192,815
interest saved
How gap financing works: The equity gap ($213,507) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($29,450, 5% of purchase price) and a second mortgage for the rest ($184,057 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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