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
$240,041
Equity Gap
$315,459
Loan Type
VAAdjust Your Scenario
$27,775
$27,775$315,459
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.02% (VA)
Blended Rate: 6.01%
Monthly Payment Comparison
New Conventional @ 6.5%
$3,336/moAssumable @ 3.02% + gap loan
$3,227/moAssumed loan: $1,015/mo
Gap financing: $2,212/mo
$109less per month with the assumable
Your Savings on This Property
219 Jefferson, Colorado Springs · 3.02% VA vs 6.5% conventional
$109
per month
$1,307
per year
$39,213
over 30 years
$39,213
interest saved
How gap financing works: The equity gap ($315,459) 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 ($287,684 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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