Loan Comparison: 3.1% vs 6.5%
4426 McGrew, Colorado Springs, CO 80911 · 3bd/2ba · $399,900
List Price
$399,900
Assumable Rate
3.1%
Remaining Balance
$373,018
Equity Gap
$26,882
Loan Type
VAAdjust Your Scenario
$19,995
$19,995$26,882
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.1% (VA)
Blended Rate: 3.20%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,401/moAssumable @ 3.1% + gap loan
$1,646/moAssumed loan: $1,593/mo
Gap financing: $53/mo
$755less per month with the assumable
Your Savings on This Property
4426 McGrew, Colorado Springs · 3.1% VA vs 6.5% conventional
$755
per month
$9,065
per year
$271,964
over 30 years
$271,964
interest saved
How gap financing works: The equity gap ($26,882) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($19,995, 5% of purchase price) and a second mortgage for the rest ($6,887 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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