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
$402,365
Equity Gap
$241,634
Loan Type
VAAdjust Your Scenario
$32,200
$32,200$241,634
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.89% (VA)
Blended Rate: 4.81%
Monthly Payment Comparison
New Conventional @ 6.5%
$3,867/moAssumable @ 2.89% + gap loan
$3,283/moAssumed loan: $1,673/mo
Gap financing: $1,610/mo
$584less per month with the assumable
Your Savings on This Property
6618 Cumbre Vista, Colorado Springs · 2.89% VA vs 6.5% conventional
$584
per month
$7,008
per year
$210,246
over 30 years
$210,245
interest saved
How gap financing works: The equity gap ($241,634) 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 ($209,434 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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