Loan Comparison: 2.98% vs 6.5%
7807 Irish, Colorado Springs, CO 80951 · 3bd/3ba · $480,000
List Price
$480,000
Assumable Rate
2.98%
Remaining Balance
$388,361
Equity Gap
$110,744
Loan Type
VAAdjust Your Scenario
$24,000
$24,000$110,744
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.98% (VA)
Blended Rate: 3.99%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,882/moAssumable @ 2.98% + gap loan
$2,300/moAssumed loan: $1,633/mo
Gap financing: $667/mo
$582less per month with the assumable
Your Savings on This Property
7807 Irish, Colorado Springs · 2.98% VA vs 6.5% conventional
$582
per month
$6,985
per year
$209,550
over 30 years
$228,655
interest saved
How gap financing works: The equity gap ($110,744) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($24,000, 5% of purchase price) and a second mortgage for the rest ($86,744 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.
🏠
Back to This Listing
View photos, details, and request a showing for 7807 Irish.
View Listing Details📈
Interested in This Home?
Get full loan details and schedule a showing. Free, no obligation.