Loan Comparison: 2.84% vs 6.5%
6306 Shooting Iron, Colorado Springs, CO 80923 · 3bd/3ba · $524,900
List Price
$524,900
Assumable Rate
2.84%
Remaining Balance
$400,455
Equity Gap
$125,330
Loan Type
VAAdjust Your Scenario
$26,245
$26,245$125,330
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.84% (VA)
Blended Rate: 3.96%
Monthly Payment Comparison
New Conventional @ 6.5%
$3,152/moAssumable @ 2.84% + gap loan
$2,416/moAssumed loan: $1,654/mo
Gap financing: $762/mo
$736less per month with the assumable
Your Savings on This Property
6306 Shooting Iron, Colorado Springs · 2.84% VA vs 6.5% conventional
$736
per month
$8,832
per year
$264,955
over 30 years
$265,840
interest saved
How gap financing works: The equity gap ($125,330) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($26,245, 5% of purchase price) and a second mortgage for the rest ($99,085 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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