Loan Comparison: 2.96% vs 6.5%
5618 Makalu, Colorado Springs, CO 80924 · 5bd/3ba · $610,000
List Price
$610,000
Assumable Rate
2.96%
Remaining Balance
$474,684
Equity Gap
$135,316
Loan Type
VAAdjust Your Scenario
$30,500
$30,500$135,316
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.96% (VA)
Blended Rate: 3.96%
Monthly Payment Comparison
New Conventional @ 6.5%
$3,663/moAssumable @ 2.96% + gap loan
$2,797/moAssumed loan: $1,991/mo
Gap financing: $806/mo
$866less per month with the assumable
Your Savings on This Property
5618 Makalu, Colorado Springs · 2.96% VA vs 6.5% conventional
$866
per month
$10,390
per year
$311,698
over 30 years
$311,698
interest saved
How gap financing works: The equity gap ($135,316) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($30,500, 5% of purchase price) and a second mortgage for the rest ($104,816 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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