Loan Comparison: 3.07% vs 6.5%
5711 Tramore, Colorado Springs, CO 80927 · 3bd/2ba · $364,000
List Price
$364,000
Assumable Rate
3.07%
Remaining Balance
$294,497
Equity Gap
$69,503
Loan Type
VAAdjust Your Scenario
$18,200
$18,200$69,503
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.07% (VA)
Blended Rate: 3.88%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,186/moAssumable @ 3.07% + gap loan
$1,647/moAssumed loan: $1,253/mo
Gap financing: $394/mo
$538less per month with the assumable
Your Savings on This Property
5711 Tramore, Colorado Springs · 3.07% VA vs 6.5% conventional
$538
per month
$6,462
per year
$193,845
over 30 years
$193,845
interest saved
How gap financing works: The equity gap ($69,503) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($18,200, 5% of purchase price) and a second mortgage for the rest ($51,303 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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