Loan Comparison: 2.87% vs 6.5%
5325 Sky Top, Colorado Springs, CO 80918 · 2bd/3ba · $465,000
List Price
$465,000
Assumable Rate
2.87%
Remaining Balance
$404,240
Equity Gap
$59,861
Loan Type
VAAdjust Your Scenario
$23,250
$23,250$59,861
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.87% (VA)
Blended Rate: 3.34%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,792/moAssumable @ 2.87% + gap loan
$1,958/moAssumed loan: $1,676/mo
Gap financing: $282/mo
$835less per month with the assumable
Your Savings on This Property
5325 Sky Top, Colorado Springs · 2.87% VA vs 6.5% conventional
$835
per month
$10,015
per year
$300,446
over 30 years
$299,547
interest saved
How gap financing works: The equity gap ($59,861) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($23,250, 5% of purchase price) and a second mortgage for the rest ($36,611 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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