Loan Comparison: 2.77% vs 6.5%
9364 Shipman, Colorado Springs, CO 80908 · 4bd/3ba · $1,242,000
List Price
$1,242,000
Assumable Rate
2.77%
Remaining Balance
$803,608
Equity Gap
$436,535
Loan Type
VAAdjust Your Scenario
$62,100
$62,100$436,535
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.77% (VA)
Blended Rate: 4.59%
Monthly Payment Comparison
New Conventional @ 6.5%
$7,458/moAssumable @ 2.77% + gap loan
$6,168/moAssumed loan: $3,289/mo
Gap financing: $2,879/mo
$1,290less per month with the assumable
Your Savings on This Property
9364 Shipman, Colorado Springs · 2.77% VA vs 6.5% conventional
$1,290
per month
$15,474
per year
$464,224
over 30 years
$462,367
interest saved
How gap financing works: The equity gap ($436,535) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($62,100, 5% of purchase price) and a second mortgage for the rest ($374,435 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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