Loan Comparison: 2.98% vs 6.5%
5855 Grapevine, Colorado Springs, CO 80923 · 3bd/2ba · $395,000
List Price
$395,000
Assumable Rate
2.98%
Remaining Balance
$289,384
Equity Gap
$106,248
Loan Type
VAAdjust Your Scenario
$19,750
$19,750$106,248
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.98% (VA)
Blended Rate: 4.25%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,372/moAssumable @ 2.98% + gap loan
$1,882/moAssumed loan: $1,217/mo
Gap financing: $665/mo
$490less per month with the assumable
Your Savings on This Property
5855 Grapevine, Colorado Springs · 2.98% VA vs 6.5% conventional
$490
per month
$5,878
per year
$176,330
over 30 years
$176,962
interest saved
How gap financing works: The equity gap ($106,248) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($19,750, 5% of purchase price) and a second mortgage for the rest ($86,498 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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