Loan Comparison: 6.82% vs 6.5%
6244 Wacissa Drive, Colorado Springs, CO 80925 · 5bd/3ba · $380,000
List Price
$380,000
Assumable Rate
6.82%
Remaining Balance
$296,544
Equity Gap
$83,456
Loan Type
VAAdjust Your Scenario
$19,000
$19,000$83,456
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 6.82% (VA)
Blended Rate: 6.94%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,282/moAssumable @ 6.82% + gap loan
$2,388/moAssumed loan: $1,937/mo
Gap financing: $451/mo
Your Savings on This Property
6244 Wacissa Drive, Colorado Springs · 6.82% 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 ($83,456) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($19,000, 5% of purchase price) and a second mortgage for the rest ($64,456 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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