Loan Comparison: 3.16% vs 6.5%
5353 Danville, Colorado Springs, CO 80922 · 5bd/2ba · $425,000
List Price
$425,000
Assumable Rate
3.16%
Remaining Balance
$210,112
Equity Gap
$214,888
Loan Type
VAAdjust Your Scenario
$21,250
$21,250$214,888
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.16% (VA)
Blended Rate: 5.72%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,552/moAssumable @ 3.16% + gap loan
$2,393/moAssumed loan: $904/mo
Gap financing: $1,489/mo
$159less per month with the assumable
Your Savings on This Property
5353 Danville, Colorado Springs · 3.16% VA vs 6.5% conventional
$159
per month
$1,908
per year
$57,237
over 30 years
$57,237
interest saved
How gap financing works: The equity gap ($214,888) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($21,250, 5% of purchase price) and a second mortgage for the rest ($193,638 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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