Loan Comparison: 2.84% vs 6.5%
6040 San Mateo, Colorado Springs, CO 80911 · 3bd/4ba · $480,000
List Price
$480,000
Assumable Rate
2.84%
Remaining Balance
$357,514
Equity Gap
$122,485
Loan Type
VAAdjust Your Scenario
$24,000
$24,000$122,485
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.84% (VA)
Blended Rate: 4.06%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,882/moAssumable @ 2.84% + gap loan
$2,234/moAssumed loan: $1,477/mo
Gap financing: $757/mo
$648less per month with the assumable
Your Savings on This Property
6040 San Mateo, Colorado Springs · 2.84% VA vs 6.5% conventional
$648
per month
$7,780
per year
$233,405
over 30 years
$233,404
interest saved
How gap financing works: The equity gap ($122,485) 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 ($98,485 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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