Loan Comparison: 3.02% vs 6.5%
219 Jefferson, Colorado Springs, CO 80907 · 3bd/2ba · $555,500
List Price
$555,500
Assumable Rate
3.02%
Remaining Balance
$240,579
Equity Gap
$314,921
Loan Type
VAAdjust Your Scenario
$27,775
$27,775$314,921
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.02% (VA)
Blended Rate: 6.00%
Monthly Payment Comparison
New Conventional @ 6.5%
$3,336/moAssumable @ 3.02% + gap loan
$3,225/moAssumed loan: $1,017/mo
Gap financing: $2,208/mo
$111less per month with the assumable
Your Savings on This Property
219 Jefferson, Colorado Springs · 3.02% VA vs 6.5% conventional
$111
per month
$1,329
per year
$39,884
over 30 years
$39,884
interest saved
How gap financing works: The equity gap ($314,921) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($27,775, 5% of purchase price) and a second mortgage for the rest ($287,146 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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