Loan Comparison: 2.94% vs 6.5%
305 Hidden Creek, Colorado Springs, CO 80906 · 5bd/5ba · $1,185,000
List Price
$1,185,000
Assumable Rate
2.94%
Remaining Balance
$414,722
Equity Gap
$770,277
Loan Type
VAAdjust Your Scenario
$59,250
$59,250$770,277
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.94% (VA)
Blended Rate: 6.45%
Monthly Payment Comparison
New Conventional @ 6.5%
$7,116/moAssumable @ 2.94% + gap loan
$7,202/moAssumed loan: $1,735/mo
Gap financing: $5,467/mo
Your Savings on This Property
305 Hidden Creek, Colorado Springs · 2.94% VA vs 6.5% conventional
$0
per month
$0
per year
$0
over 30 years
$0
interest saved
How gap financing works: The equity gap ($770,277) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($59,250, 5% of purchase price) and a second mortgage for the rest ($711,027 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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