Loan Comparison: 4.2% vs 6.5%
1410 union, Colorado Springs, CO 80909 · 4bd/3ba · $320,000
List Price
$320,000
Assumable Rate
4.2%
Remaining Balance
$71,846
Equity Gap
$176,307
Loan Type
VAAdjust Your Scenario
$16,000
$16,000$176,307
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 4.2% (VA)
Blended Rate: 7.17%
Monthly Payment Comparison
New Conventional @ 6.5%
$1,921/moAssumable @ 4.2% + gap loan
$1,584/moAssumed loan: $351/mo
Gap financing: $1,233/mo
$338less per month with the assumable
Your Savings on This Property
1410 union, Colorado Springs · 4.2% VA vs 6.5% conventional
$338
per month
$4,050
per year
$121,509
over 30 years
$49,662
interest saved
How gap financing works: The equity gap ($176,307) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($16,000, 5% of purchase price) and a second mortgage for the rest ($160,307 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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