Loan Comparison: 2.94% vs 6.5%
6717 BISHOP, Colorado Springs, CO 80918 · 4bd/3ba · $580,000
List Price
$580,000
Assumable Rate
2.94%
Remaining Balance
$446,441
Equity Gap
$282,864
Loan Type
VAAdjust Your Scenario
$29,000
$29,000$282,864
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.94% (VA)
Blended Rate: 4.96%
Monthly Payment Comparison
New Conventional @ 6.5%
$3,483/moAssumable @ 2.94% + gap loan
$3,820/moAssumed loan: $1,868/mo
Gap financing: $1,952/mo
Your Savings on This Property
6717 BISHOP, Colorado Springs · 2.94% VA vs 6.5% conventional
$0
per month
$0
per year
$0
over 30 years
$27,950
interest saved
How gap financing works: The equity gap ($282,864) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($29,000, 5% of purchase price) and a second mortgage for the rest ($253,864 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.
🏠
Back to This Listing
View photos, details, and request a showing for 6717 BISHOP.
View Listing Details📈
Interested in This Home?
Get full loan details and schedule a showing. Free, no obligation.