Loan Comparison: 1.999% vs 6.5%
6364 Galway, Colorado Springs, CO 80918 · 5bd/4ba · $663,000
List Price
$663,000
Assumable Rate
1.999%
Remaining Balance
$411,084
Equity Gap
$259,226
Loan Type
VAAdjust Your Scenario
$33,150
$33,150$259,226
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 1.999% (VA)
Blended Rate: 4.31%
Monthly Payment Comparison
New Conventional @ 6.5%
$3,981/moAssumable @ 1.999% + gap loan
$3,258/moAssumed loan: $1,519/mo
Gap financing: $1,738/mo
$724less per month with the assumable
Your Savings on This Property
6364 Galway, Colorado Springs · 1.999% VA vs 6.5% conventional
$724
per month
$8,682
per year
$260,464
over 30 years
$267,774
interest saved
How gap financing works: The equity gap ($259,226) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($33,150, 5% of purchase price) and a second mortgage for the rest ($226,076 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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