Loan Comparison: 2.84% vs 6.5%
4349 Kaolin, Colorado Springs, CO 80938 · 3bd/3ba · $440,000
List Price
$440,000
Assumable Rate
2.84%
Remaining Balance
$338,891
Equity Gap
$101,109
Loan Type
VAAdjust Your Scenario
$22,000
$22,000$101,109
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.84% (VA)
Blended Rate: 3.91%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,642/moAssumable @ 2.84% + gap loan
$2,008/moAssumed loan: $1,400/mo
Gap financing: $608/mo
$634less per month with the assumable
Your Savings on This Property
4349 Kaolin, Colorado Springs · 2.84% VA vs 6.5% conventional
$634
per month
$7,609
per year
$228,263
over 30 years
$228,263
interest saved
How gap financing works: The equity gap ($101,109) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($22,000, 5% of purchase price) and a second mortgage for the rest ($79,109 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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