Loan Comparison: 3.08% vs 6.5%
8374 Ravenel, Colorado Springs, CO 80920 · 4bd/4ba · $500,000
List Price
$500,000
Assumable Rate
3.08%
Remaining Balance
$203,918
Equity Gap
$296,082
Loan Type
VAAdjust Your Scenario
$25,000
$25,000$296,082
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.08% (VA)
Blended Rate: 6.17%
Monthly Payment Comparison
New Conventional @ 6.5%
$3,002/moAssumable @ 3.08% + gap loan
$2,953/moAssumed loan: $869/mo
Gap financing: $2,084/mo
$49less per month with the assumable
Your Savings on This Property
8374 Ravenel, Colorado Springs · 3.08% VA vs 6.5% conventional
$49
per month
$593
per year
$17,779
over 30 years
$17,779
interest saved
How gap financing works: The equity gap ($296,082) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($25,000, 5% of purchase price) and a second mortgage for the rest ($271,082 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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