Loan Comparison: 2.81% vs 6.5%
6705 Liberator, Colorado Springs, CO 80925 · 3bd/3ba · $420,000
List Price
$420,000
Assumable Rate
2.81%
Remaining Balance
$364,195
Equity Gap
$55,805
Loan Type
VAAdjust Your Scenario
$21,000
$21,000$55,805
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.81% (VA)
Blended Rate: 3.31%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,522/moAssumable @ 2.81% + gap loan
$1,766/moAssumed loan: $1,498/mo
Gap financing: $268/mo
$756less per month with the assumable
Your Savings on This Property
6705 Liberator, Colorado Springs · 2.81% VA vs 6.5% conventional
$756
per month
$9,071
per year
$272,137
over 30 years
$272,137
interest saved
How gap financing works: The equity gap ($55,805) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($21,000, 5% of purchase price) and a second mortgage for the rest ($34,805 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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