Loan Comparison: 2.98% vs 6.5%
6305 Armdale, Colorado Springs, CO 80927 · 2bd/2ba · $460,000
List Price
$460,000
Assumable Rate
2.98%
Remaining Balance
$337,734
Equity Gap
$123,004
Loan Type
VAAdjust Your Scenario
$23,000
$23,000$123,004
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.98% (VA)
Blended Rate: 4.24%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,762/moAssumable @ 2.98% + gap loan
$2,189/moAssumed loan: $1,420/mo
Gap financing: $769/mo
$573less per month with the assumable
Your Savings on This Property
6305 Armdale, Colorado Springs · 2.98% VA vs 6.5% conventional
$573
per month
$6,875
per year
$206,256
over 30 years
$206,994
interest saved
How gap financing works: The equity gap ($123,004) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($23,000, 5% of purchase price) and a second mortgage for the rest ($100,004 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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