Loan Comparison: 2.25% vs 6.5%
6742 McEwan, Colorado Springs, CO 80922 · 5bd/4ba · $475,000
List Price
$475,000
Assumable Rate
2.25%
Remaining Balance
$342,026
Equity Gap
$151,464
Loan Type
VAAdjust Your Scenario
$23,750
$23,750$151,464
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.25% (VA)
Blended Rate: 3.95%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,852/moAssumable @ 2.25% + gap loan
$2,289/moAssumed loan: $1,307/mo
Gap financing: $982/mo
$563less per month with the assumable
Your Savings on This Property
6742 McEwan, Colorado Springs · 2.25% VA vs 6.5% conventional
$563
per month
$6,754
per year
$202,614
over 30 years
$221,104
interest saved
How gap financing works: The equity gap ($151,464) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($23,750, 5% of purchase price) and a second mortgage for the rest ($127,714 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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