Loan Comparison: 3.51% vs 6.5%
54 Goret, Colorado Springs, CO 80911 · 3bd/1ba · $290,000
List Price
$290,000
Assumable Rate
3.51%
Remaining Balance
$198,296
Equity Gap
$93,793
Loan Type
VAAdjust Your Scenario
$14,500
$14,500$93,793
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.51% (VA)
Blended Rate: 4.94%
Monthly Payment Comparison
New Conventional @ 6.5%
$1,741/moAssumable @ 3.51% + gap loan
$1,501/moAssumed loan: $892/mo
Gap financing: $610/mo
$240less per month with the assumable
Your Savings on This Property
54 Goret, Colorado Springs · 3.51% VA vs 6.5% conventional
$240
per month
$2,881
per year
$86,439
over 30 years
$88,528
interest saved
How gap financing works: The equity gap ($93,793) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($14,500, 5% of purchase price) and a second mortgage for the rest ($79,293 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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