Loan Comparison: 2.9% vs 6.5%
7516 Amberly Drive, Colorado Springs, CO 80923 · 3bd/2ba · $585,000
List Price
$585,000
Assumable Rate
2.9%
Remaining Balance
$477,032
Equity Gap
$107,967
Loan Type
VAAdjust Your Scenario
$29,250
$29,250$107,967
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.9% (VA)
Blended Rate: 3.55%
Monthly Payment Comparison
New Conventional @ 6.5%
$3,513/moAssumable @ 2.9% + gap loan
$2,536/moAssumed loan: $1,986/mo
Gap financing: $550/mo
$977less per month with the assumable
Your Savings on This Property
7516 Amberly Drive, Colorado Springs · 2.9% VA vs 6.5% conventional
$977
per month
$11,721
per year
$351,636
over 30 years
$351,635
interest saved
How gap financing works: The equity gap ($107,967) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($29,250, 5% of purchase price) and a second mortgage for the rest ($78,717 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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