Loan Comparison: 2.68% vs 6.5%
6702 Galpin, Colorado Springs, CO 80925 · 3bd/3ba · $385,000
List Price
$385,000
Assumable Rate
2.68%
Remaining Balance
$266,715
Equity Gap
$118,285
Loan Type
VAAdjust Your Scenario
$19,250
$19,250$118,285
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.68% (VA)
Blended Rate: 4.26%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,312/moAssumable @ 2.68% + gap loan
$1,840/moAssumed loan: $1,079/mo
Gap financing: $761/mo
$471less per month with the assumable
Your Savings on This Property
6702 Galpin, Colorado Springs · 2.68% VA vs 6.5% conventional
$471
per month
$5,656
per year
$169,675
over 30 years
$169,675
interest saved
How gap financing works: The equity gap ($118,285) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($19,250, 5% of purchase price) and a second mortgage for the rest ($99,035 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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