Loan Comparison: 2.65% vs 6.5%
180 Cobblestone Drive, Colorado Springs, CO 80906 · 3bd/1ba · $400,000
List Price
$400,000
Assumable Rate
2.65%
Remaining Balance
$353,174
Equity Gap
$46,826
Loan Type
VAAdjust Your Scenario
$20,000
$20,000$46,826
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.65% (VA)
Blended Rate: 2.99%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,402/moAssumable @ 2.65% + gap loan
$1,611/moAssumed loan: $1,423/mo
Gap financing: $188/mo
$791less per month with the assumable
Your Savings on This Property
180 Cobblestone Drive, Colorado Springs · 2.65% VA vs 6.5% conventional
$791
per month
$9,493
per year
$284,805
over 30 years
$284,805
interest saved
How gap financing works: The equity gap ($46,826) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($20,000, 5% of purchase price) and a second mortgage for the rest ($26,826 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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