Loan Comparison: 2.89% vs 6.5%
6618 Cumbre Vista, Colorado Springs, CO 80924 · 4bd/3ba · $644,000
List Price
$644,000
Assumable Rate
2.89%
Remaining Balance
$403,301
Equity Gap
$239,765
Loan Type
VAAdjust Your Scenario
$32,200
$32,200$239,765
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.89% (VA)
Blended Rate: 4.80%
Monthly Payment Comparison
New Conventional @ 6.5%
$3,867/moAssumable @ 2.89% + gap loan
$3,272/moAssumed loan: $1,677/mo
Gap financing: $1,596/mo
$594less per month with the assumable
Your Savings on This Property
6618 Cumbre Vista, Colorado Springs · 2.89% VA vs 6.5% conventional
$594
per month
$7,134
per year
$214,019
over 30 years
$213,085
interest saved
How gap financing works: The equity gap ($239,765) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($32,200, 5% of purchase price) and a second mortgage for the rest ($207,565 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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