Loan Comparison: 2.93% vs 6.5%
730 San Miguel, Colorado Springs, CO 80903 · 2bd/1ba · $456,500
List Price
$456,500
Assumable Rate
2.93%
Remaining Balance
$221,412
Equity Gap
$235,087
Loan Type
VAAdjust Your Scenario
$22,825
$22,825$235,087
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.93% (VA)
Blended Rate: 5.66%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,741/moAssumable @ 2.93% + gap loan
$2,557/moAssumed loan: $925/mo
Gap financing: $1,632/mo
$184less per month with the assumable
Your Savings on This Property
730 San Miguel, Colorado Springs · 2.93% VA vs 6.5% conventional
$184
per month
$2,206
per year
$66,192
over 30 years
$66,191
interest saved
How gap financing works: The equity gap ($235,087) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($22,825, 5% of purchase price) and a second mortgage for the rest ($212,262 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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