Loan Comparison: 2.74% vs 6.5%
1426 Fetterman, Colorado Springs, CO 80915 · 4bd/3ba · $420,000
List Price
$420,000
Assumable Rate
2.74%
Remaining Balance
$350,379
Equity Gap
$69,621
Loan Type
VAAdjust Your Scenario
$21,000
$21,000$69,621
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.74% (VA)
Blended Rate: 3.44%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,522/moAssumable @ 2.74% + gap loan
$1,802/moAssumed loan: $1,429/mo
Gap financing: $374/mo
$720less per month with the assumable
Your Savings on This Property
1426 Fetterman, Colorado Springs · 2.74% VA vs 6.5% conventional
$720
per month
$8,635
per year
$259,042
over 30 years
$259,042
interest saved
How gap financing works: The equity gap ($69,621) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($21,000, 5% of purchase price) and a second mortgage for the rest ($48,621 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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