Loan Comparison: 4.7% vs 6.5%
1620 Little Overlook Street, Colorado Springs, CO 80910 · 4bd/3ba · $599,000
List Price
$599,000
Assumable Rate
4.7%
Remaining Balance
$274,901
Equity Gap
$324,098
Loan Type
VAAdjust Your Scenario
$29,950
$29,950$324,098
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 4.7% (VA)
Blended Rate: 6.15%
Monthly Payment Comparison
New Conventional @ 6.5%
$3,597/moAssumable @ 4.7% + gap loan
$3,482/moAssumed loan: $1,426/mo
Gap financing: $2,057/mo
$114less per month with the assumable
Your Savings on This Property
1620 Little Overlook Street, Colorado Springs · 4.7% VA vs 6.5% conventional
$114
per month
$1,372
per year
$41,154
over 30 years
$41,153
interest saved
How gap financing works: The equity gap ($324,098) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($29,950, 5% of purchase price) and a second mortgage for the rest ($294,148 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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