Loan Comparison: 2.98% vs 6.5%
6678 Cottonwood Tree, Colorado Springs, CO 80927 · 3bd/3ba · $447,999
List Price
$447,999
Assumable Rate
2.98%
Remaining Balance
$277,089
Equity Gap
$170,909
Loan Type
VAAdjust Your Scenario
$22,400
$22,400$170,909
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.98% (VA)
Blended Rate: 4.91%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,690/moAssumable @ 2.98% + gap loan
$2,307/moAssumed loan: $1,165/mo
Gap financing: $1,142/mo
$383less per month with the assumable
Your Savings on This Property
6678 Cottonwood Tree, Colorado Springs · 2.98% VA vs 6.5% conventional
$383
per month
$4,595
per year
$137,858
over 30 years
$137,857
interest saved
How gap financing works: The equity gap ($170,909) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($22,400, 5% of purchase price) and a second mortgage for the rest ($148,509 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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