Loan Comparison: 2.81% vs 6.5%
4352 Canteen Trail, Colorado Springs, CO 80922 · 3bd/4ba · $560,000
List Price
$560,000
Assumable Rate
2.81%
Remaining Balance
$209,489
Equity Gap
$350,511
Loan Type
VAAdjust Your Scenario
$28,000
$28,000$350,511
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.81% (VA)
Blended Rate: 5.65%
Monthly Payment Comparison
New Conventional @ 6.5%
$3,363/moAssumable @ 2.81% + gap loan
$3,117/moAssumed loan: $862/mo
Gap financing: $2,255/mo
$246less per month with the assumable
Your Savings on This Property
4352 Canteen Trail, Colorado Springs · 2.81% VA vs 6.5% conventional
$246
per month
$2,948
per year
$88,440
over 30 years
$88,440
interest saved
How gap financing works: The equity gap ($350,511) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($28,000, 5% of purchase price) and a second mortgage for the rest ($322,511 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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