Loan Comparison: 2.94% vs 6.5%
6717 BISHOP, Colorado Springs, CO 80918 · 4bd/3ba · $560,000
List Price
$560,000
Assumable Rate
2.94%
Remaining Balance
$296,441
Equity Gap
$263,559
Loan Type
VAAdjust Your Scenario
$28,000
$28,000$263,559
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.94% (VA)
Blended Rate: 5.40%
Monthly Payment Comparison
New Conventional @ 6.5%
$3,363/moAssumable @ 2.94% + gap loan
$3,051/moAssumed loan: $1,240/mo
Gap financing: $1,811/mo
$311less per month with the assumable
Your Savings on This Property
6717 BISHOP, Colorado Springs · 2.94% VA vs 6.5% conventional
$311
per month
$3,733
per year
$112,004
over 30 years
$112,004
interest saved
How gap financing works: The equity gap ($263,559) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($28,000, 5% of purchase price) and a second mortgage for the rest ($235,559 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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