Loan Comparison: 2.94% vs 6.5%
2030 Gaffer, Colorado Springs, CO 80910 · 3bd/2ba · $375,000
List Price
$375,000
Assumable Rate
2.94%
Remaining Balance
$259,466
Equity Gap
$115,534
Loan Type
VAAdjust Your Scenario
$18,750
$18,750$115,534
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.94% (VA)
Blended Rate: 4.45%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,252/moAssumable @ 2.94% + gap loan
$1,830/moAssumed loan: $1,086/mo
Gap financing: $744/mo
$422less per month with the assumable
Your Savings on This Property
2030 Gaffer, Colorado Springs · 2.94% VA vs 6.5% conventional
$422
per month
$5,064
per year
$151,926
over 30 years
$151,926
interest saved
How gap financing works: The equity gap ($115,534) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($18,750, 5% of purchase price) and a second mortgage for the rest ($96,784 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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