Loan Comparison: 2.88% vs 6.5%
9920 Hodgen, Colorado Springs, CO 80908 · 3bd/3ba · $915,000
List Price
$915,000
Assumable Rate
2.88%
Remaining Balance
$587,053
Equity Gap
$327,946
Loan Type
VAAdjust Your Scenario
$45,750
$45,750$327,946
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.88% (VA)
Blended Rate: 4.70%
Monthly Payment Comparison
New Conventional @ 6.5%
$5,494/moAssumable @ 2.88% + gap loan
$4,607/moAssumed loan: $2,437/mo
Gap financing: $2,170/mo
$887less per month with the assumable
Your Savings on This Property
9920 Hodgen, Colorado Springs · 2.88% VA vs 6.5% conventional
$887
per month
$10,646
per year
$319,392
over 30 years
$319,391
interest saved
How gap financing works: The equity gap ($327,946) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($45,750, 5% of purchase price) and a second mortgage for the rest ($282,196 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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