Loan Comparison: 5.83% vs 6.5%
1016 Moorings Drive, Colorado Springs, CO 80906 · 3bd/2ba · $270,000
List Price
$270,000
Assumable Rate
5.83%
Remaining Balance
$253,110
Equity Gap
$16,890
Loan Type
VAAdjust Your Scenario
$13,500
$13,500$16,890
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 5.83% (VA)
Blended Rate: 5.85%
Monthly Payment Comparison
New Conventional @ 6.5%
$1,621/moAssumable @ 5.83% + gap loan
$1,514/moAssumed loan: $1,490/mo
Gap financing: $24/mo
$108less per month with the assumable
Your Savings on This Property
1016 Moorings Drive, Colorado Springs · 5.83% VA vs 6.5% conventional
$108
per month
$1,291
per year
$38,729
over 30 years
$38,729
interest saved
How gap financing works: The equity gap ($16,890) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($13,500, 5% of purchase price) and a second mortgage for the rest ($3,390 at 7.5%). 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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