Loan Comparison: 2.96% vs 6.5%
4550 Star Ridge, Colorado Springs, CO 80916 · 4bd/3ba · $449,000
List Price
$449,000
Assumable Rate
2.96%
Remaining Balance
$397,125
Equity Gap
$52,762
Loan Type
VAAdjust Your Scenario
$22,450
$22,450$52,762
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.96% (VA)
Blended Rate: 3.35%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,696/moAssumable @ 2.96% + gap loan
$1,899/moAssumed loan: $1,666/mo
Gap financing: $233/mo
$797less per month with the assumable
Your Savings on This Property
4550 Star Ridge, Colorado Springs · 2.96% VA vs 6.5% conventional
$797
per month
$9,567
per year
$287,018
over 30 years
$287,905
interest saved
How gap financing works: The equity gap ($52,762) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($22,450, 5% of purchase price) and a second mortgage for the rest ($30,312 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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