Loan Comparison: 2.81% vs 6.5%
212 Madison, Colorado Springs, CO 80907 · 4bd/2ba · $465,000
List Price
$465,000
Assumable Rate
2.81%
Remaining Balance
$318,867
Equity Gap
$146,133
Loan Type
VAAdjust Your Scenario
$23,250
$23,250$146,133
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.81% (VA)
Blended Rate: 4.39%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,792/moAssumable @ 2.81% + gap loan
$2,257/moAssumed loan: $1,312/mo
Gap financing: $945/mo
$535less per month with the assumable
Your Savings on This Property
212 Madison, Colorado Springs · 2.81% VA vs 6.5% conventional
$535
per month
$6,425
per year
$192,742
over 30 years
$192,742
interest saved
How gap financing works: The equity gap ($146,133) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($23,250, 5% of purchase price) and a second mortgage for the rest ($122,883 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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