Loan Comparison: 3.08% vs 6.5%
8258 Sprague, Colorado Springs, CO 80908 · 5bd/4ba · $645,000
List Price
$645,000
Assumable Rate
3.08%
Remaining Balance
$381,581
Equity Gap
$263,418
Loan Type
VAAdjust Your Scenario
$32,250
$32,250$263,418
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.08% (VA)
Blended Rate: 5.12%
Monthly Payment Comparison
New Conventional @ 6.5%
$3,873/moAssumable @ 3.08% + gap loan
$3,403/moAssumed loan: $1,625/mo
Gap financing: $1,777/mo
$470less per month with the assumable
Your Savings on This Property
8258 Sprague, Colorado Springs · 3.08% VA vs 6.5% conventional
$470
per month
$5,643
per year
$169,288
over 30 years
$169,287
interest saved
How gap financing works: The equity gap ($263,418) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($32,250, 5% of purchase price) and a second mortgage for the rest ($231,168 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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