Loan Comparison: 2.84% vs 6.5%
2629 Hearthwood, Colorado Springs, CO 80917 · 2bd/2ba · $230,000
List Price
$230,000
Assumable Rate
2.84%
Remaining Balance
$108,222
Equity Gap
$121,777
Loan Type
VAAdjust Your Scenario
$11,500
$11,500$121,777
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.84% (VA)
Blended Rate: 5.70%
Monthly Payment Comparison
New Conventional @ 6.5%
$1,381/moAssumable @ 2.84% + gap loan
$1,295/moAssumed loan: $447/mo
Gap financing: $848/mo
$86less per month with the assumable
Your Savings on This Property
2629 Hearthwood, Colorado Springs · 2.84% VA vs 6.5% conventional
$86
per month
$1,034
per year
$31,014
over 30 years
$31,013
interest saved
How gap financing works: The equity gap ($121,777) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($11,500, 5% of purchase price) and a second mortgage for the rest ($110,277 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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