Loan Comparison: 2.84% vs 6.5%
2011 Montezuma Drive, Colorado Springs, CO 80910 · 3bd/2ba · $400,000
List Price
$400,000
Assumable Rate
2.84%
Remaining Balance
$347,083
Equity Gap
$52,917
Loan Type
VAAdjust Your Scenario
$20,000
$20,000$52,917
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.84% (VA)
Blended Rate: 3.24%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,402/moAssumable @ 2.84% + gap loan
$1,664/moAssumed loan: $1,434/mo
Gap financing: $230/mo
$738less per month with the assumable
Your Savings on This Property
2011 Montezuma Drive, Colorado Springs · 2.84% VA vs 6.5% conventional
$738
per month
$8,858
per year
$265,738
over 30 years
$265,738
interest saved
How gap financing works: The equity gap ($52,917) 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 ($32,917 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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