Loan Comparison: 3.31% vs 6.5%
6850 Phantom, Colorado Springs, CO 80925 · 4bd/3ba · $475,000
List Price
$475,000
Assumable Rate
3.31%
Remaining Balance
$335,245
Equity Gap
$139,001
Loan Type
VAAdjust Your Scenario
$23,750
$23,750$139,001
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.31% (VA)
Blended Rate: 4.64%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,852/moAssumable @ 3.31% + gap loan
$2,356/moAssumed loan: $1,470/mo
Gap financing: $886/mo
$496less per month with the assumable
Your Savings on This Property
6850 Phantom, Colorado Springs · 3.31% VA vs 6.5% conventional
$496
per month
$5,951
per year
$178,544
over 30 years
$177,790
interest saved
How gap financing works: The equity gap ($139,001) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($23,750, 5% of purchase price) and a second mortgage for the rest ($115,251 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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