Loan Comparison: 3.31% vs 6.5%
1015 Dancing Horse, Colorado Springs, CO 80919 · 3bd/3ba · $399,900
List Price
$399,900
Assumable Rate
3.31%
Remaining Balance
$188,987
Equity Gap
$210,913
Loan Type
VAAdjust Your Scenario
$19,995
$19,995$210,913
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.31% (VA)
Blended Rate: 5.92%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,401/moAssumable @ 3.31% + gap loan
$2,297/moAssumed loan: $829/mo
Gap financing: $1,468/mo
$105less per month with the assumable
Your Savings on This Property
1015 Dancing Horse, Colorado Springs · 3.31% VA vs 6.5% conventional
$105
per month
$1,255
per year
$37,636
over 30 years
$37,636
interest saved
How gap financing works: The equity gap ($210,913) 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 ($190,918 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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