Loan Comparison: 2.87% vs 6.5%
2049 Birmingham, Colorado Springs, CO 80910 · 0bd/0ba · $369,900
List Price
$369,900
Assumable Rate
2.87%
Remaining Balance
$372,960
Equity Gap
$34,612
Loan Type
VAAdjust Your Scenario
$18,495
$18,495$34,612
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.87% (VA)
Blended Rate: 3.10%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,221/moAssumable @ 2.87% + gap loan
$1,670/moAssumed loan: $1,546/mo
Gap financing: $124/mo
$551less per month with the assumable
Your Savings on This Property
2049 Birmingham, Colorado Springs · 2.87% VA vs 6.5% conventional
$551
per month
$6,610
per year
$198,290
over 30 years
$235,962
interest saved
How gap financing works: The equity gap ($34,612) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($18,495, 5% of purchase price) and a second mortgage for the rest ($16,117 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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