Loan Comparison: 2.68% vs 6.5%
2560 Mirror Lake, Colorado Springs, CO 80919 · 3bd/3ba · $559,000
List Price
$559,000
Assumable Rate
2.68%
Remaining Balance
$361,635
Equity Gap
$197,364
Loan Type
VAAdjust Your Scenario
$27,950
$27,950$197,364
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.68% (VA)
Blended Rate: 4.54%
Monthly Payment Comparison
New Conventional @ 6.5%
$3,357/moAssumable @ 2.68% + gap loan
$2,766/moAssumed loan: $1,463/mo
Gap financing: $1,303/mo
$591less per month with the assumable
Your Savings on This Property
2560 Mirror Lake, Colorado Springs · 2.68% VA vs 6.5% conventional
$591
per month
$7,092
per year
$212,753
over 30 years
$212,752
interest saved
How gap financing works: The equity gap ($197,364) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($27,950, 5% of purchase price) and a second mortgage for the rest ($169,414 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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