Loan Comparison: 2.74% vs 6.5%
1802 Forest Ridge, Colorado Springs, CO 80918 · 4bd/3ba · $550,000
List Price
$550,000
Assumable Rate
2.74%
Remaining Balance
$342,826
Equity Gap
$207,974
Loan Type
VAAdjust Your Scenario
$27,500
$27,500$207,974
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.74% (VA)
Blended Rate: 4.73%
Monthly Payment Comparison
New Conventional @ 6.5%
$3,303/moAssumable @ 2.74% + gap loan
$2,785/moAssumed loan: $1,398/mo
Gap financing: $1,388/mo
$517less per month with the assumable
Your Savings on This Property
1802 Forest Ridge, Colorado Springs · 2.74% VA vs 6.5% conventional
$517
per month
$6,205
per year
$186,165
over 30 years
$186,965
interest saved
How gap financing works: The equity gap ($207,974) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($27,500, 5% of purchase price) and a second mortgage for the rest ($180,474 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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