Loan Comparison: 3.07% vs 6.5%
625 Madison, Colorado Springs, CO 80907 · 4bd/2ba · $399,000
List Price
$399,000
Assumable Rate
3.07%
Remaining Balance
$268,455
Equity Gap
$130,545
Loan Type
VAAdjust Your Scenario
$19,950
$19,950$130,545
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.07% (VA)
Blended Rate: 4.65%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,396/moAssumable @ 3.07% + gap loan
$1,992/moAssumed loan: $1,142/mo
Gap financing: $850/mo
$403less per month with the assumable
Your Savings on This Property
625 Madison, Colorado Springs · 3.07% VA vs 6.5% conventional
$403
per month
$4,842
per year
$145,259
over 30 years
$145,259
interest saved
How gap financing works: The equity gap ($130,545) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($19,950, 5% of purchase price) and a second mortgage for the rest ($110,595 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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