Loan Comparison: 2.74% vs 6.5%
1955 Ruffino, Colorado Springs, CO 80921 · 5bd/4ba · $898,000
List Price
$898,000
Assumable Rate
2.74%
Remaining Balance
$398,821
Equity Gap
$499,179
Loan Type
VAAdjust Your Scenario
$44,900
$44,900$499,179
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.74% (VA)
Blended Rate: 5.81%
Monthly Payment Comparison
New Conventional @ 6.5%
$5,392/moAssumable @ 2.74% + gap loan
$5,119/moAssumed loan: $1,626/mo
Gap financing: $3,493/mo
$273less per month with the assumable
Your Savings on This Property
1955 Ruffino, Colorado Springs · 2.74% VA vs 6.5% conventional
$273
per month
$3,277
per year
$98,323
over 30 years
$98,323
interest saved
How gap financing works: The equity gap ($499,179) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($44,900, 5% of purchase price) and a second mortgage for the rest ($454,279 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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