Loan Comparison: 2.68% vs 6.5%
2560 Mirror Lake, Colorado Springs, CO 80919 · 3bd/3ba · $590,000
List Price
$590,000
Assumable Rate
2.68%
Remaining Balance
$420,780
Equity Gap
$228,364
Loan Type
VAAdjust Your Scenario
$29,500
$29,500$228,364
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.68% (VA)
Blended Rate: 4.55%
Monthly Payment Comparison
New Conventional @ 6.5%
$3,543/moAssumable @ 2.68% + gap loan
$3,231/moAssumed loan: $1,702/mo
Gap financing: $1,529/mo
$311less per month with the assumable
Your Savings on This Property
2560 Mirror Lake, Colorado Springs · 2.68% VA vs 6.5% conventional
$311
per month
$3,737
per year
$112,109
over 30 years
$171,253
interest saved
How gap financing works: The equity gap ($228,364) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($29,500, 5% of purchase price) and a second mortgage for the rest ($198,864 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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