Loan Comparison: 2.98% vs 6.5%
8430 Avens, Colorado Springs, CO 80920 · 5bd/4ba · $565,000
List Price
$565,000
Assumable Rate
2.98%
Remaining Balance
$438,178
Equity Gap
$128,740
Loan Type
VAAdjust Your Scenario
$28,250
$28,250$128,740
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.98% (VA)
Blended Rate: 4.01%
Monthly Payment Comparison
New Conventional @ 6.5%
$3,393/moAssumable @ 2.98% + gap loan
$2,615/moAssumed loan: $1,843/mo
Gap financing: $773/mo
$777less per month with the assumable
Your Savings on This Property
8430 Avens, Colorado Springs · 2.98% VA vs 6.5% conventional
$777
per month
$9,327
per year
$279,825
over 30 years
$281,743
interest saved
How gap financing works: The equity gap ($128,740) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($28,250, 5% of purchase price) and a second mortgage for the rest ($100,490 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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