Loan Comparison: 6.88% vs 6.5%
7109 Boreal Drive, Colorado Springs, CO 80915 · 0bd/0ba · $425,000
List Price
$425,000
Assumable Rate
6.88%
Remaining Balance
$146,481
Equity Gap
$278,519
Loan Type
VAAdjust Your Scenario
$21,250
$21,250$278,519
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 6.88% (VA)
Blended Rate: 7.28%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,552/moAssumable @ 6.88% + gap loan
$2,762/moAssumed loan: $963/mo
Gap financing: $1,799/mo
Your Savings on This Property
7109 Boreal Drive, Colorado Springs · 6.88% 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 ($278,519) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($21,250, 5% of purchase price) and a second mortgage for the rest ($257,269 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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