Loan Comparison: 2.96% vs 6.5%
4550 Star Ridge Drive, Colorado Springs, CO 80916 · 4bd/4ba · $439,000
List Price
$439,000
Assumable Rate
2.96%
Remaining Balance
$395,348
Equity Gap
$43,651
Loan Type
VAAdjust Your Scenario
$21,950
$21,950$43,651
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.96% (VA)
Blended Rate: 3.20%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,636/moAssumable @ 2.96% + gap loan
$1,810/moAssumed loan: $1,658/mo
Gap financing: $152/mo
$826less per month with the assumable
Your Savings on This Property
4550 Star Ridge Drive, Colorado Springs · 2.96% VA vs 6.5% conventional
$826
per month
$9,912
per year
$297,366
over 30 years
$297,365
interest saved
How gap financing works: The equity gap ($43,651) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($21,950, 5% of purchase price) and a second mortgage for the rest ($21,701 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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