Loan Comparison: 3.08% vs 6.5%
7898 Chasewood, Colorado Springs, CO 80908 · 5bd/4ba · $595,000
List Price
$595,000
Assumable Rate
3.08%
Remaining Balance
$292,966
Equity Gap
$302,034
Loan Type
VAAdjust Your Scenario
$29,750
$29,750$302,034
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.08% (VA)
Blended Rate: 5.69%
Monthly Payment Comparison
New Conventional @ 6.5%
$3,573/moAssumable @ 3.08% + gap loan
$3,341/moAssumed loan: $1,248/mo
Gap financing: $2,094/mo
$231less per month with the assumable
Your Savings on This Property
7898 Chasewood, Colorado Springs · 3.08% VA vs 6.5% conventional
$231
per month
$2,776
per year
$83,269
over 30 years
$83,269
interest saved
How gap financing works: The equity gap ($302,034) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($29,750, 5% of purchase price) and a second mortgage for the rest ($272,284 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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