Loan Comparison: 2.83% vs 6.5%
6230 Spurwood, Colorado Springs, CO 80918 · 5bd/5ba · $1,299,000
List Price
$1,299,000
Assumable Rate
2.83%
Remaining Balance
$693,615
Equity Gap
$739,247
Loan Type
VAAdjust Your Scenario
$64,950
$64,950$739,247
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.83% (VA)
Blended Rate: 5.62%
Monthly Payment Comparison
New Conventional @ 6.5%
$7,800/moAssumable @ 2.83% + gap loan
$8,046/moAssumed loan: $2,861/mo
Gap financing: $5,185/mo
Your Savings on This Property
6230 Spurwood, Colorado Springs · 2.83% VA vs 6.5% conventional
$0
per month
$0
per year
$0
over 30 years
$45,365
interest saved
How gap financing works: The equity gap ($739,247) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($64,950, 5% of purchase price) and a second mortgage for the rest ($674,297 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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