Loan Comparison: 5.23% vs 6.5%
2224 Cabernet, Colorado Springs, CO 80921 · 5bd/4ba · $950,000
List Price
$950,000
Assumable Rate
5.23%
Remaining Balance
$610,055
Equity Gap
$339,043
Loan Type
VAAdjust Your Scenario
$47,500
$47,500$339,043
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 5.23% (VA)
Blended Rate: 6.29%
Monthly Payment Comparison
New Conventional @ 6.5%
$5,704/moAssumable @ 5.23% + gap loan
$5,603/moAssumed loan: $3,361/mo
Gap financing: $2,242/mo
$102less per month with the assumable
Your Savings on This Property
2224 Cabernet, Colorado Springs · 5.23% VA vs 6.5% conventional
$102
per month
$1,218
per year
$36,543
over 30 years
$35,641
interest saved
How gap financing works: The equity gap ($339,043) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($47,500, 5% of purchase price) and a second mortgage for the rest ($291,543 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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