Loan Comparison: 2.88% vs 6.5%
6203 San Mateo Drive, Colorado Springs, CO 80911 · 5bd/3ba · $469,000
List Price
$469,000
Assumable Rate
2.88%
Remaining Balance
$412,681
Equity Gap
$56,319
Loan Type
VAAdjust Your Scenario
$23,450
$23,450$56,319
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.88% (VA)
Blended Rate: 3.22%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,816/moAssumable @ 2.88% + gap loan
$1,943/moAssumed loan: $1,713/mo
Gap financing: $230/mo
$873less per month with the assumable
Your Savings on This Property
6203 San Mateo Drive, Colorado Springs · 2.88% VA vs 6.5% conventional
$873
per month
$10,477
per year
$314,305
over 30 years
$314,305
interest saved
How gap financing works: The equity gap ($56,319) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($23,450, 5% of purchase price) and a second mortgage for the rest ($32,869 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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