Loan Comparison: 2.88% vs 6.5%
1105 Big Valley, Colorado Springs, CO 80919 · 4bd/3ba · $684,000
List Price
$684,000
Assumable Rate
2.88%
Remaining Balance
$537,720
Equity Gap
$146,280
Loan Type
VAAdjust Your Scenario
$34,200
$34,200$146,280
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.88% (VA)
Blended Rate: 3.85%
Monthly Payment Comparison
New Conventional @ 6.5%
$4,107/moAssumable @ 2.88% + gap loan
$3,094/moAssumed loan: $2,232/mo
Gap financing: $862/mo
$1,013less per month with the assumable
Your Savings on This Property
1105 Big Valley, Colorado Springs · 2.88% VA vs 6.5% conventional
$1,013
per month
$12,156
per year
$364,674
over 30 years
$364,674
interest saved
How gap financing works: The equity gap ($146,280) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($34,200, 5% of purchase price) and a second mortgage for the rest ($112,080 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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