Loan Comparison: 2.83% vs 6.5%
10526 Kelowna, Colorado Springs, CO 80908 · 4bd/3ba · $680,000
List Price
$680,000
Assumable Rate
2.83%
Remaining Balance
$456,647
Equity Gap
$223,352
Loan Type
VAAdjust Your Scenario
$34,000
$34,000$223,352
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.83% (VA)
Blended Rate: 4.49%
Monthly Payment Comparison
New Conventional @ 6.5%
$4,083/moAssumable @ 2.83% + gap loan
$3,340/moAssumed loan: $1,884/mo
Gap financing: $1,456/mo
$744less per month with the assumable
Your Savings on This Property
10526 Kelowna, Colorado Springs · 2.83% VA vs 6.5% conventional
$744
per month
$8,923
per year
$267,688
over 30 years
$267,687
interest saved
How gap financing works: The equity gap ($223,352) 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 ($189,352 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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