Loan Comparison: 2.83% vs 6.5%
2265 Wynbury, Colorado Springs, CO 80919 · 3bd/3ba · $640,000
List Price
$640,000
Assumable Rate
2.83%
Remaining Balance
$247,115
Equity Gap
$392,885
Loan Type
VAAdjust Your Scenario
$32,000
$32,000$392,885
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.83% (VA)
Blended Rate: 6.20%
Monthly Payment Comparison
New Conventional @ 6.5%
$3,843/moAssumable @ 2.83% + gap loan
$3,794/moAssumed loan: $1,019/mo
Gap financing: $2,775/mo
$49less per month with the assumable
Your Savings on This Property
2265 Wynbury, Colorado Springs · 2.83% VA vs 6.5% conventional
$49
per month
$585
per year
$17,551
over 30 years
$17,551
interest saved
How gap financing works: The equity gap ($392,885) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($32,000, 5% of purchase price) and a second mortgage for the rest ($360,885 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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