Loan Comparison: 2.89% vs 6.5%
7618 Dry Willow, Colorado Springs, CO 80908 · 6bd/4ba · $575,000
List Price
$575,000
Assumable Rate
2.89%
Remaining Balance
$417,026
Equity Gap
$157,974
Loan Type
VAAdjust Your Scenario
$28,750
$28,750$157,974
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.89% (VA)
Blended Rate: 4.22%
Monthly Payment Comparison
New Conventional @ 6.5%
$3,453/moAssumable @ 2.89% + gap loan
$2,727/moAssumed loan: $1,734/mo
Gap financing: $994/mo
$725less per month with the assumable
Your Savings on This Property
7618 Dry Willow, Colorado Springs · 2.89% VA vs 6.5% conventional
$725
per month
$8,706
per year
$261,179
over 30 years
$261,179
interest saved
How gap financing works: The equity gap ($157,974) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($28,750, 5% of purchase price) and a second mortgage for the rest ($129,224 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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