Loan Comparison: 2.94% vs 6.5%
2645 Prescott, Colorado Springs, CO 80916 · 3bd/2ba · $349,900
List Price
$349,900
Assumable Rate
2.94%
Remaining Balance
$250,720
Equity Gap
$99,180
Loan Type
VAAdjust Your Scenario
$17,495
$17,495$99,180
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.94% (VA)
Blended Rate: 4.31%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,101/moAssumable @ 2.94% + gap loan
$1,677/moAssumed loan: $1,049/mo
Gap financing: $628/mo
$424less per month with the assumable
Your Savings on This Property
2645 Prescott, Colorado Springs · 2.94% VA vs 6.5% conventional
$424
per month
$5,088
per year
$152,636
over 30 years
$152,636
interest saved
How gap financing works: The equity gap ($99,180) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($17,495, 5% of purchase price) and a second mortgage for the rest ($81,685 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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