Loan Comparison: 2.83% vs 6.5%
132 Rainbow, Colorado Springs, CO 80906 · 3bd/2ba · $610,000
List Price
$610,000
Assumable Rate
2.83%
Remaining Balance
$457,686
Equity Gap
$151,251
Loan Type
VAAdjust Your Scenario
$30,500
$30,500$151,251
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.83% (VA)
Blended Rate: 4.01%
Monthly Payment Comparison
New Conventional @ 6.5%
$3,663/moAssumable @ 2.83% + gap loan
$2,816/moAssumed loan: $1,888/mo
Gap financing: $928/mo
$846less per month with the assumable
Your Savings on This Property
132 Rainbow, Colorado Springs · 2.83% VA vs 6.5% conventional
$846
per month
$10,157
per year
$304,722
over 30 years
$303,659
interest saved
How gap financing works: The equity gap ($151,251) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($30,500, 5% of purchase price) and a second mortgage for the rest ($120,751 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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