Loan Comparison: 3.04% vs 6.5%
306 Sutherland, Manitou Springs, CO 80829 · 3bd/3ba · $792,000
List Price
$792,000
Assumable Rate
3.04%
Remaining Balance
$345,341
Equity Gap
$447,429
Loan Type
VAAdjust Your Scenario
$39,600
$39,600$447,429
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.04% (VA)
Blended Rate: 6.00%
Monthly Payment Comparison
New Conventional @ 6.5%
$4,756/moAssumable @ 3.04% + gap loan
$4,599/moAssumed loan: $1,463/mo
Gap financing: $3,136/mo
$156less per month with the assumable
Your Savings on This Property
306 Sutherland, Manitou Springs · 3.04% VA vs 6.5% conventional
$156
per month
$1,877
per year
$56,302
over 30 years
$57,072
interest saved
How gap financing works: The equity gap ($447,429) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($39,600, 5% of purchase price) and a second mortgage for the rest ($407,829 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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