Loan Comparison: 3.31% vs 6.5%
1717 Franklin, Colorado Springs, CO 80907 · 3bd/2ba · $599,000
List Price
$599,000
Assumable Rate
3.31%
Remaining Balance
$274,482
Equity Gap
$324,517
Loan Type
VAAdjust Your Scenario
$29,950
$29,950$324,517
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.31% (VA)
Blended Rate: 6.00%
Monthly Payment Comparison
New Conventional @ 6.5%
$3,597/moAssumable @ 3.31% + gap loan
$3,469/moAssumed loan: $1,204/mo
Gap financing: $2,265/mo
$128less per month with the assumable
Your Savings on This Property
1717 Franklin, Colorado Springs · 3.31% VA vs 6.5% conventional
$128
per month
$1,538
per year
$46,151
over 30 years
$46,150
interest saved
How gap financing works: The equity gap ($324,517) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($29,950, 5% of purchase price) and a second mortgage for the rest ($294,567 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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