Loan Comparison: 2.98% vs 6.5%
6226 Scottsbluff, Colorado Springs, CO 80923 · 2bd/2ba · $374,000
List Price
$374,000
Assumable Rate
2.98%
Remaining Balance
$336,097
Equity Gap
$35,699
Loan Type
VAAdjust Your Scenario
$18,700
$18,700$35,699
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.98% (VA)
Blended Rate: 3.25%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,246/moAssumable @ 2.98% + gap loan
$1,544/moAssumed loan: $1,413/mo
Gap financing: $131/mo
$702less per month with the assumable
Your Savings on This Property
6226 Scottsbluff, Colorado Springs · 2.98% VA vs 6.5% conventional
$702
per month
$8,420
per year
$252,596
over 30 years
$250,392
interest saved
How gap financing works: The equity gap ($35,699) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($18,700, 5% of purchase price) and a second mortgage for the rest ($16,999 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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