Loan Comparison: 6.99% vs 6.5%
17240 Park Trail Drive, Colorado Springs, CO 80132 · 4bd/3ba · $550,000
List Price
$550,000
Assumable Rate
6.99%
Remaining Balance
$467,864
Equity Gap
$82,135
Loan Type
VAAdjust Your Scenario
$27,500
$27,500$82,135
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 6.99% (VA)
Blended Rate: 7.04%
Monthly Payment Comparison
New Conventional @ 6.5%
$3,303/moAssumable @ 6.99% + gap loan
$3,492/moAssumed loan: $3,110/mo
Gap financing: $382/mo
Your Savings on This Property
17240 Park Trail Drive, Colorado Springs · 6.99% 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 ($82,135) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($27,500, 5% of purchase price) and a second mortgage for the rest ($54,635 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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