Loan Comparison: 4.2% vs 6.5%
6260 Gemfield, Colorado Springs, CO 80918 · 5bd/4ba · $524,900
List Price
$524,900
Assumable Rate
4.2%
Remaining Balance
$251,309
Equity Gap
$273,590
Loan Type
VAAdjust Your Scenario
$26,245
$26,245$273,590
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 4.2% (VA)
Blended Rate: 6.33%
Monthly Payment Comparison
New Conventional @ 6.5%
$3,152/moAssumable @ 4.2% + gap loan
$3,131/moAssumed loan: $1,229/mo
Gap financing: $1,902/mo
$21less per month with the assumable
Your Savings on This Property
6260 Gemfield, Colorado Springs · 4.2% VA vs 6.5% conventional
$21
per month
$252
per year
$7,569
over 30 years
$7,568
interest saved
How gap financing works: The equity gap ($273,590) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($26,245, 5% of purchase price) and a second mortgage for the rest ($247,345 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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