Loan Comparison: 2.94% vs 6.5%
2832 Country Club, Colorado Springs, CO 80909 · 4bd/3ba · $689,000
List Price
$689,000
Assumable Rate
2.94%
Remaining Balance
$406,260
Equity Gap
$282,739
Loan Type
VAAdjust Your Scenario
$34,450
$34,450$282,739
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.94% (VA)
Blended Rate: 5.05%
Monthly Payment Comparison
New Conventional @ 6.5%
$4,137/moAssumable @ 2.94% + gap loan
$3,609/moAssumed loan: $1,700/mo
Gap financing: $1,909/mo
$528less per month with the assumable
Your Savings on This Property
2832 Country Club, Colorado Springs · 2.94% VA vs 6.5% conventional
$528
per month
$6,341
per year
$190,218
over 30 years
$190,217
interest saved
How gap financing works: The equity gap ($282,739) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($34,450, 5% of purchase price) and a second mortgage for the rest ($248,289 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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