Loan Comparison: 3.16% vs 6.5%
6149 San Mateo, Colorado Springs, CO 80911 · 4bd/3ba · $440,000
List Price
$440,000
Assumable Rate
3.16%
Remaining Balance
$317,584
Equity Gap
$121,693
Loan Type
VAAdjust Your Scenario
$22,000
$22,000$121,693
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.16% (VA)
Blended Rate: 4.44%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,642/moAssumable @ 3.16% + gap loan
$2,133/moAssumed loan: $1,367/mo
Gap financing: $767/mo
$509less per month with the assumable
Your Savings on This Property
6149 San Mateo, Colorado Springs · 3.16% VA vs 6.5% conventional
$509
per month
$6,108
per year
$183,234
over 30 years
$182,511
interest saved
How gap financing works: The equity gap ($121,693) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($22,000, 5% of purchase price) and a second mortgage for the rest ($99,693 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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