Loan Comparison: 2.81% vs 6.5%
1023 Fosdick, Colorado Springs, CO 80909 · 4bd/2ba · $380,000
List Price
$380,000
Assumable Rate
2.81%
Remaining Balance
$314,119
Equity Gap
$66,598
Loan Type
VAAdjust Your Scenario
$19,000
$19,000$66,598
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.81% (VA)
Blended Rate: 3.56%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,282/moAssumable @ 2.81% + gap loan
$1,658/moAssumed loan: $1,292/mo
Gap financing: $366/mo
$623less per month with the assumable
Your Savings on This Property
1023 Fosdick, Colorado Springs · 2.81% VA vs 6.5% conventional
$623
per month
$7,481
per year
$224,428
over 30 years
$225,145
interest saved
How gap financing works: The equity gap ($66,598) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($19,000, 5% of purchase price) and a second mortgage for the rest ($47,598 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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