Loan Comparison: 3.07% vs 6.5%
2455 Payne, Colorado Springs, CO 80916 · 4bd/2ba · $379,900
List Price
$379,900
Assumable Rate
3.07%
Remaining Balance
$349,715
Equity Gap
$31,661
Loan Type
VAAdjust Your Scenario
$18,995
$18,995$31,661
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.07% (VA)
Blended Rate: 3.26%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,281/moAssumable @ 3.07% + gap loan
$1,585/moAssumed loan: $1,488/mo
Gap financing: $97/mo
$696less per month with the assumable
Your Savings on This Property
2455 Payne, Colorado Springs · 3.07% VA vs 6.5% conventional
$696
per month
$8,354
per year
$250,606
over 30 years
$252,082
interest saved
How gap financing works: The equity gap ($31,661) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($18,995, 5% of purchase price) and a second mortgage for the rest ($12,666 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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