Loan Comparison: 2.35% vs 6.5%
4352 Canteen, Colorado Springs, CO 80922 · 6bd/3ba · $575,000
List Price
$575,000
Assumable Rate
2.35%
Remaining Balance
$208,724
Equity Gap
$366,276
Loan Type
VAAdjust Your Scenario
$28,750
$28,750$366,276
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.35% (VA)
Blended Rate: 6.15%
Monthly Payment Comparison
New Conventional @ 6.5%
$3,453/moAssumable @ 2.35% + gap loan
$3,404/moAssumed loan: $809/mo
Gap financing: $2,595/mo
$49less per month with the assumable
Your Savings on This Property
4352 Canteen, Colorado Springs · 2.35% VA vs 6.5% conventional
$49
per month
$586
per year
$17,590
over 30 years
$17,590
interest saved
How gap financing works: The equity gap ($366,276) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($28,750, 5% of purchase price) and a second mortgage for the rest ($337,526 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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