Loan Comparison: 4.7% vs 6.5%
1620 Little Overlook, Colorado Springs, CO 80910 · 5bd/4ba · $599,000
List Price
$599,000
Assumable Rate
4.7%
Remaining Balance
$320,445
Equity Gap
$323,515
Loan Type
VAAdjust Your Scenario
$29,950
$29,950$323,515
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 4.7% (VA)
Blended Rate: 6.52%
Monthly Payment Comparison
New Conventional @ 6.5%
$3,597/moAssumable @ 4.7% + gap loan
$3,919/moAssumed loan: $1,662/mo
Gap financing: $2,257/mo
Your Savings on This Property
1620 Little Overlook, Colorado Springs · 4.7% VA vs 6.5% conventional
$0
per month
$0
per year
$0
over 30 years
$0
interest saved
How gap financing works: The equity gap ($323,515) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($29,950, 5% of purchase price) and a second mortgage for the rest ($293,565 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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