Loan Comparison: 3.07% vs 6.5%
6712 Lucky Star, Colorado Springs, CO 80923 · 3bd/3ba · $479,900
List Price
$479,900
Assumable Rate
3.07%
Remaining Balance
$366,859
Equity Gap
$112,258
Loan Type
VAAdjust Your Scenario
$23,995
$23,995$112,258
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.07% (VA)
Blended Rate: 4.12%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,882/moAssumable @ 3.07% + gap loan
$2,239/moAssumed loan: $1,561/mo
Gap financing: $679/mo
$642less per month with the assumable
Your Savings on This Property
6712 Lucky Star, Colorado Springs · 3.07% VA vs 6.5% conventional
$642
per month
$7,709
per year
$231,259
over 30 years
$230,476
interest saved
How gap financing works: The equity gap ($112,258) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($23,995, 5% of purchase price) and a second mortgage for the rest ($88,263 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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