Loan Comparison: 2.94% vs 6.5%
7001 Oasis Butte, Colorado Springs, CO 80923 · 6bd/4ba · $719,000
List Price
$719,000
Assumable Rate
2.94%
Remaining Balance
$305,347
Equity Gap
$415,759
Loan Type
VAAdjust Your Scenario
$35,950
$35,950$415,759
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.94% (VA)
Blended Rate: 6.02%
Monthly Payment Comparison
New Conventional @ 6.5%
$4,317/moAssumable @ 2.94% + gap loan
$4,198/moAssumed loan: $1,277/mo
Gap financing: $2,920/mo
$119less per month with the assumable
Your Savings on This Property
7001 Oasis Butte, Colorado Springs · 2.94% VA vs 6.5% conventional
$119
per month
$1,433
per year
$42,999
over 30 years
$45,105
interest saved
How gap financing works: The equity gap ($415,759) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($35,950, 5% of purchase price) and a second mortgage for the rest ($379,809 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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