Loan Comparison: 6.89% vs 6.5%
5315 Paradox Drive, Colorado Springs, CO 80923 · 3bd/4ba · $440,000
List Price
$440,000
Assumable Rate
6.89%
Remaining Balance
$389,912
Equity Gap
$50,088
Loan Type
VAAdjust Your Scenario
$22,000
$22,000$50,088
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 6.89% (VA)
Blended Rate: 6.93%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,642/moAssumable @ 6.89% + gap loan
$2,762/moAssumed loan: $2,565/mo
Gap financing: $196/mo
Your Savings on This Property
5315 Paradox Drive, Colorado Springs · 6.89% VA vs 6.5% conventional
$0
per month
$0
per year
$0
over 30 years
$0
interest saved
How gap financing works: The equity gap ($50,088) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($22,000, 5% of purchase price) and a second mortgage for the rest ($28,088 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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