Loan Comparison: 5.23% vs 6.5%
7475 Chancellor, Colorado Springs, CO 80920 · 5bd/4ba · $649,900
List Price
$649,900
Assumable Rate
5.23%
Remaining Balance
$472,840
Equity Gap
$177,754
Loan Type
VAAdjust Your Scenario
$32,495
$32,495$177,754
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 5.23% (VA)
Blended Rate: 6.00%
Monthly Payment Comparison
New Conventional @ 6.5%
$3,902/moAssumable @ 5.23% + gap loan
$3,722/moAssumed loan: $2,605/mo
Gap financing: $1,117/mo
$180less per month with the assumable
Your Savings on This Property
7475 Chancellor, Colorado Springs · 5.23% VA vs 6.5% conventional
$180
per month
$2,164
per year
$64,914
over 30 years
$65,608
interest saved
How gap financing works: The equity gap ($177,754) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($32,495, 5% of purchase price) and a second mortgage for the rest ($145,259 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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