Loan Comparison: 2.77% vs 6.5%
6020 Castlewood, Colorado Springs, CO 80918 · 4bd/3ba · $639,900
List Price
$639,900
Assumable Rate
2.77%
Remaining Balance
$315,936
Equity Gap
$323,964
Loan Type
VAAdjust Your Scenario
$31,995
$31,995$323,964
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.77% (VA)
Blended Rate: 5.52%
Monthly Payment Comparison
New Conventional @ 6.5%
$3,842/moAssumable @ 2.77% + gap loan
$3,538/moAssumed loan: $1,293/mo
Gap financing: $2,245/mo
$304less per month with the assumable
Your Savings on This Property
6020 Castlewood, Colorado Springs · 2.77% VA vs 6.5% conventional
$304
per month
$3,651
per year
$109,531
over 30 years
$109,531
interest saved
How gap financing works: The equity gap ($323,964) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($31,995, 5% of purchase price) and a second mortgage for the rest ($291,969 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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