Loan Comparison: 2.8% vs 6.5%
10940 Saco Drive, Colorado Springs, CO 80925 · 3bd/3ba · $410,000
List Price
$410,000
Assumable Rate
2.8%
Remaining Balance
$379,819
Equity Gap
$30,180
Loan Type
VAAdjust Your Scenario
$20,500
$20,500$30,180
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.8% (VA)
Blended Rate: 2.92%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,462/moAssumable @ 2.8% + gap loan
$1,628/moAssumed loan: $1,561/mo
Gap financing: $68/mo
$834less per month with the assumable
Your Savings on This Property
10940 Saco Drive, Colorado Springs · 2.8% VA vs 6.5% conventional
$834
per month
$10,003
per year
$300,084
over 30 years
$300,083
interest saved
How gap financing works: The equity gap ($30,180) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($20,500, 5% of purchase price) and a second mortgage for the rest ($9,680 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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