Loan Comparison: 3.08% vs 6.5%
8258 Sprague, Colorado Springs, CO 80908 · 5bd/4ba · $680,000
List Price
$680,000
Assumable Rate
3.08%
Remaining Balance
$384,107
Equity Gap
$297,575
Loan Type
VAAdjust Your Scenario
$34,000
$34,000$297,575
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.08% (VA)
Blended Rate: 5.29%
Monthly Payment Comparison
New Conventional @ 6.5%
$4,083/moAssumable @ 3.08% + gap loan
$3,663/moAssumed loan: $1,636/mo
Gap financing: $2,027/mo
$420less per month with the assumable
Your Savings on This Property
8258 Sprague, Colorado Springs · 3.08% VA vs 6.5% conventional
$420
per month
$5,046
per year
$151,368
over 30 years
$153,050
interest saved
How gap financing works: The equity gap ($297,575) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($34,000, 5% of purchase price) and a second mortgage for the rest ($263,575 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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