Loan Comparison: 4% vs 6.5%
1960 Bula Drive, Colorado Springs, CO 80915 · 3bd/2ba · $410,000
List Price
$410,000
Assumable Rate
4%
Remaining Balance
$362,103
Equity Gap
$47,897
Loan Type
VAAdjust Your Scenario
$20,500
$20,500$47,897
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 4% (VA)
Blended Rate: 4.25%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,462/moAssumable @ 4% + gap loan
$1,920/moAssumed loan: $1,729/mo
Gap financing: $192/mo
$542less per month with the assumable
Your Savings on This Property
1960 Bula Drive, Colorado Springs · 4% VA vs 6.5% conventional
$542
per month
$6,499
per year
$194,978
over 30 years
$194,978
interest saved
How gap financing works: The equity gap ($47,897) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($20,500, 5% of purchase price) and a second mortgage for the rest ($27,397 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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