Loan Comparison: 2.87% vs 6.5%
2049 Birmingham, Colorado Springs, CO 80910 · 3bd/3ba · $375,000
List Price
$375,000
Assumable Rate
2.87%
Remaining Balance
$336,030
Equity Gap
$38,970
Loan Type
VAAdjust Your Scenario
$18,750
$18,750$38,970
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.87% (VA)
Blended Rate: 3.19%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,252/moAssumable @ 2.87% + gap loan
$1,549/moAssumed loan: $1,393/mo
Gap financing: $155/mo
$703less per month with the assumable
Your Savings on This Property
2049 Birmingham, Colorado Springs · 2.87% VA vs 6.5% conventional
$703
per month
$8,436
per year
$253,081
over 30 years
$253,081
interest saved
How gap financing works: The equity gap ($38,970) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($18,750, 5% of purchase price) and a second mortgage for the rest ($20,220 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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