Loan Comparison: 3.07% vs 6.5%
6511 Mission Bend, Colorado Springs, CO 80923 · 3bd/3ba · $479,990
List Price
$479,990
Assumable Rate
3.07%
Remaining Balance
$296,420
Equity Gap
$184,816
Loan Type
VAAdjust Your Scenario
$24,000
$24,000$184,816
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.07% (VA)
Blended Rate: 4.98%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,882/moAssumable @ 3.07% + gap loan
$2,497/moAssumed loan: $1,261/mo
Gap financing: $1,237/mo
$385less per month with the assumable
Your Savings on This Property
6511 Mission Bend, Colorado Springs · 3.07% VA vs 6.5% conventional
$385
per month
$4,616
per year
$138,491
over 30 years
$139,736
interest saved
How gap financing works: The equity gap ($184,816) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($24,000, 5% of purchase price) and a second mortgage for the rest ($160,816 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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