Loan Comparison: 3.1% vs 6.5%
7160 Leeside, Colorado Springs, CO 80922 · 3bd/3ba · $439,900
List Price
$439,900
Assumable Rate
3.1%
Remaining Balance
$411,262
Equity Gap
$29,497
Loan Type
VAAdjust Your Scenario
$21,995
$21,995$29,497
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.1% (VA)
Blended Rate: 3.20%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,641/moAssumable @ 3.1% + gap loan
$1,814/moAssumed loan: $1,756/mo
Gap financing: $58/mo
$828less per month with the assumable
Your Savings on This Property
7160 Leeside, Colorado Springs · 3.1% VA vs 6.5% conventional
$828
per month
$9,931
per year
$297,937
over 30 years
$298,796
interest saved
How gap financing works: The equity gap ($29,497) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($21,995, 5% of purchase price) and a second mortgage for the rest ($7,502 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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