Loan Comparison: 2.89% vs 6.5%
2131 Doniphan, Colorado Springs, CO 80910 · 3bd/1ba · $310,000
List Price
$310,000
Assumable Rate
2.89%
Remaining Balance
$230,962
Equity Gap
$79,038
Loan Type
VAAdjust Your Scenario
$15,500
$15,500$79,038
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.89% (VA)
Blended Rate: 4.10%
Monthly Payment Comparison
New Conventional @ 6.5%
$1,861/moAssumable @ 2.89% + gap loan
$1,449/moAssumed loan: $960/mo
Gap financing: $489/mo
$413less per month with the assumable
Your Savings on This Property
2131 Doniphan, Colorado Springs · 2.89% VA vs 6.5% conventional
$413
per month
$4,953
per year
$148,605
over 30 years
$148,605
interest saved
How gap financing works: The equity gap ($79,038) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($15,500, 5% of purchase price) and a second mortgage for the rest ($63,538 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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