Loan Comparison: 2.96% vs 6.5%
2716 Harvest Ridge Heights, Colorado Springs, CO 80918 · 2bd/2ba · $399,000
List Price
$399,000
Assumable Rate
2.96%
Remaining Balance
$293,081
Equity Gap
$105,918
Loan Type
VAAdjust Your Scenario
$19,950
$19,950$105,918
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.96% (VA)
Blended Rate: 3.99%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,396/moAssumable @ 2.96% + gap loan
$1,830/moAssumed loan: $1,229/mo
Gap financing: $601/mo
$565less per month with the assumable
Your Savings on This Property
2716 Harvest Ridge Heights, Colorado Springs · 2.96% VA vs 6.5% conventional
$565
per month
$6,785
per year
$203,553
over 30 years
$203,552
interest saved
How gap financing works: The equity gap ($105,918) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($19,950, 5% of purchase price) and a second mortgage for the rest ($85,968 at 7.5%). 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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