Loan Comparison: 2.96% vs 6.5%
5045 Splendid, Colorado Springs, CO 80917 · 5bd/3ba · $420,000
List Price
$420,000
Assumable Rate
2.96%
Remaining Balance
$384,589
Equity Gap
$30,325
Loan Type
VAAdjust Your Scenario
$21,000
$21,000$30,325
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.96% (VA)
Blended Rate: 3.09%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,522/moAssumable @ 2.96% + gap loan
$1,685/moAssumed loan: $1,613/mo
Gap financing: $72/mo
$837less per month with the assumable
Your Savings on This Property
5045 Splendid, Colorado Springs · 2.96% VA vs 6.5% conventional
$837
per month
$10,045
per year
$301,353
over 30 years
$296,267
interest saved
How gap financing works: The equity gap ($30,325) 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 ($9,325 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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