Loan Comparison: 2.8% vs 6.5%
6819 Mandan Drive, Colorado Springs, CO 80925 · 5bd/3ba · $539,900
List Price
$539,900
Assumable Rate
2.8%
Remaining Balance
$379,123
Equity Gap
$160,776
Loan Type
VAAdjust Your Scenario
$26,995
$26,995$160,776
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.8% (VA)
Blended Rate: 4.03%
Monthly Payment Comparison
New Conventional @ 6.5%
$3,242/moAssumable @ 2.8% + gap loan
$2,493/moAssumed loan: $1,558/mo
Gap financing: $935/mo
$749less per month with the assumable
Your Savings on This Property
6819 Mandan Drive, Colorado Springs · 2.8% VA vs 6.5% conventional
$749
per month
$8,984
per year
$269,531
over 30 years
$269,530
interest saved
How gap financing works: The equity gap ($160,776) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($26,995, 5% of purchase price) and a second mortgage for the rest ($133,781 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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