Loan Comparison: 2.84% vs 6.5%
4513 Songglen, Colorado Springs, CO 80906 · 3bd/4ba · $520,000
List Price
$520,000
Assumable Rate
2.84%
Remaining Balance
$383,307
Equity Gap
$137,540
Loan Type
VAAdjust Your Scenario
$26,000
$26,000$137,540
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.84% (VA)
Blended Rate: 4.12%
Monthly Payment Comparison
New Conventional @ 6.5%
$3,122/moAssumable @ 2.84% + gap loan
$2,441/moAssumed loan: $1,583/mo
Gap financing: $858/mo
$682less per month with the assumable
Your Savings on This Property
4513 Songglen, Colorado Springs · 2.84% VA vs 6.5% conventional
$682
per month
$8,179
per year
$245,383
over 30 years
$246,230
interest saved
How gap financing works: The equity gap ($137,540) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($26,000, 5% of purchase price) and a second mortgage for the rest ($111,540 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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