Loan Comparison: 2.83% vs 6.5%
463 Mountain Pass, Colorado Springs, CO 80906 · 4bd/4ba · $999,000
List Price
$999,000
Assumable Rate
2.83%
Remaining Balance
$650,018
Equity Gap
$348,982
Loan Type
VAAdjust Your Scenario
$49,950
$49,950$348,982
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.83% (VA)
Blended Rate: 4.62%
Monthly Payment Comparison
New Conventional @ 6.5%
$5,999/moAssumable @ 2.83% + gap loan
$4,981/moAssumed loan: $2,681/mo
Gap financing: $2,299/mo
$1,018less per month with the assumable
Your Savings on This Property
463 Mountain Pass, Colorado Springs · 2.83% VA vs 6.5% conventional
$1,018
per month
$12,217
per year
$366,508
over 30 years
$366,508
interest saved
How gap financing works: The equity gap ($348,982) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($49,950, 5% of purchase price) and a second mortgage for the rest ($299,032 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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