Loan Comparison: 3.01% vs 6.5%
1512 Rushmore, Colorado Springs, CO 80910 · 4bd/2ba · $388,000
List Price
$388,000
Assumable Rate
3.01%
Remaining Balance
$274,841
Equity Gap
$113,752
Loan Type
VAAdjust Your Scenario
$19,400
$19,400$113,752
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.01% (VA)
Blended Rate: 4.41%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,330/moAssumable @ 3.01% + gap loan
$1,886/moAssumed loan: $1,160/mo
Gap financing: $725/mo
$444less per month with the assumable
Your Savings on This Property
1512 Rushmore, Colorado Springs · 3.01% VA vs 6.5% conventional
$444
per month
$5,329
per year
$159,874
over 30 years
$160,467
interest saved
How gap financing works: The equity gap ($113,752) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($19,400, 5% of purchase price) and a second mortgage for the rest ($94,352 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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