Loan Comparison: 2.87% vs 6.5%
4687 Fencer, Colorado Springs, CO 80911 · 3bd/3ba · $415,000
List Price
$415,000
Assumable Rate
2.87%
Remaining Balance
$352,780
Equity Gap
$62,220
Loan Type
VAAdjust Your Scenario
$20,750
$20,750$62,220
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.87% (VA)
Blended Rate: 3.46%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,492/moAssumable @ 2.87% + gap loan
$1,782/moAssumed loan: $1,463/mo
Gap financing: $319/mo
$710less per month with the assumable
Your Savings on This Property
4687 Fencer, Colorado Springs · 2.87% VA vs 6.5% conventional
$710
per month
$8,524
per year
$255,724
over 30 years
$255,724
interest saved
How gap financing works: The equity gap ($62,220) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($20,750, 5% of purchase price) and a second mortgage for the rest ($41,470 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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