Loan Comparison: 3.45% vs 6.5%
3390 Richmond, Colorado Springs, CO 80922 · 3bd/3ba · $399,900
List Price
$399,900
Assumable Rate
3.45%
Remaining Balance
$193,219
Equity Gap
$207,104
Loan Type
VAAdjust Your Scenario
$19,995
$19,995$207,104
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.45% (VA)
Blended Rate: 5.93%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,401/moAssumable @ 3.45% + gap loan
$2,301/moAssumed loan: $862/mo
Gap financing: $1,439/mo
$100less per month with the assumable
Your Savings on This Property
3390 Richmond, Colorado Springs · 3.45% VA vs 6.5% conventional
$100
per month
$1,204
per year
$36,107
over 30 years
$36,530
interest saved
How gap financing works: The equity gap ($207,104) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($19,995, 5% of purchase price) and a second mortgage for the rest ($187,109 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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