Loan Comparison: 4% vs 6.5%
1563 Costilla Street, Colorado Springs, CO 80907 · 2bd/3ba · $529,000
List Price
$529,000
Assumable Rate
4%
Remaining Balance
$495,903
Equity Gap
$33,096
Loan Type
VAAdjust Your Scenario
$26,450
$26,450$33,096
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 4% (VA)
Blended Rate: 4.05%
Monthly Payment Comparison
New Conventional @ 6.5%
$3,176/moAssumable @ 4% + gap loan
$2,414/moAssumed loan: $2,368/mo
Gap financing: $46/mo
$762less per month with the assumable
Your Savings on This Property
1563 Costilla Street, Colorado Springs · 4% VA vs 6.5% conventional
$762
per month
$9,150
per year
$274,490
over 30 years
$274,489
interest saved
How gap financing works: The equity gap ($33,096) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($26,450, 5% of purchase price) and a second mortgage for the rest ($6,646 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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