Loan Comparison: 2.77% vs 6.5%
1611 Wood, Colorado Springs, CO 80907 · 6bd/4ba · $1,640,000
List Price
$1,640,000
Assumable Rate
2.77%
Remaining Balance
$943,560
Equity Gap
$698,527
Loan Type
VAAdjust Your Scenario
$82,000
$82,000$698,527
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.77% (VA)
Blended Rate: 5.03%
Monthly Payment Comparison
New Conventional @ 6.5%
$9,848/moAssumable @ 2.77% + gap loan
$8,603/moAssumed loan: $3,862/mo
Gap financing: $4,741/mo
$1,245less per month with the assumable
Your Savings on This Property
1611 Wood, Colorado Springs · 2.77% VA vs 6.5% conventional
$1,245
per month
$14,941
per year
$448,221
over 30 years
$450,308
interest saved
How gap financing works: The equity gap ($698,527) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($82,000, 5% of purchase price) and a second mortgage for the rest ($616,527 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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