Loan Comparison: 2.77% vs 6.5%
1830 Pima Drive, Colorado Springs, CO 80915 · 3bd/4ba · $400,000
List Price
$400,000
Assumable Rate
2.77%
Remaining Balance
$355,288
Equity Gap
$44,711
Loan Type
VAAdjust Your Scenario
$20,000
$20,000$44,711
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.77% (VA)
Blended Rate: 3.08%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,402/moAssumable @ 2.77% + gap loan
$1,627/moAssumed loan: $1,454/mo
Gap financing: $173/mo
$775less per month with the assumable
Your Savings on This Property
1830 Pima Drive, Colorado Springs · 2.77% VA vs 6.5% conventional
$775
per month
$9,299
per year
$278,956
over 30 years
$278,955
interest saved
How gap financing works: The equity gap ($44,711) 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 ($24,711 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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