Loan Comparison: 2.87% vs 6.5%
8746 Bittercress, Colorado Springs, CO 80925 · 5bd/3ba · $570,000
List Price
$570,000
Assumable Rate
2.87%
Remaining Balance
$392,062
Equity Gap
$177,938
Loan Type
VAAdjust Your Scenario
$28,500
$28,500$177,938
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.87% (VA)
Blended Rate: 4.42%
Monthly Payment Comparison
New Conventional @ 6.5%
$3,423/moAssumable @ 2.87% + gap loan
$2,775/moAssumed loan: $1,626/mo
Gap financing: $1,149/mo
$648less per month with the assumable
Your Savings on This Property
8746 Bittercress, Colorado Springs · 2.87% VA vs 6.5% conventional
$648
per month
$7,776
per year
$233,284
over 30 years
$233,284
interest saved
How gap financing works: The equity gap ($177,938) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($28,500, 5% of purchase price) and a second mortgage for the rest ($149,438 at 8.5%). 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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