Loan Comparison: 2.77% vs 6.5%
365 Eclipse, Colorado Springs, CO 80905 · 4bd/3ba · $680,000
List Price
$680,000
Assumable Rate
2.77%
Remaining Balance
$298,865
Equity Gap
$381,135
Loan Type
VAAdjust Your Scenario
$34,000
$34,000$381,135
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.77% (VA)
Blended Rate: 5.85%
Monthly Payment Comparison
New Conventional @ 6.5%
$4,083/moAssumable @ 2.77% + gap loan
$3,892/moAssumed loan: $1,223/mo
Gap financing: $2,669/mo
$191less per month with the assumable
Your Savings on This Property
365 Eclipse, Colorado Springs · 2.77% VA vs 6.5% conventional
$191
per month
$2,289
per year
$68,664
over 30 years
$68,664
interest saved
How gap financing works: The equity gap ($381,135) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($34,000, 5% of purchase price) and a second mortgage for the rest ($347,135 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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