Loan Comparison: 3.07% vs 6.5%
2224 Ramsgate, Colorado Springs, CO 80919 · 5bd/4ba · $729,000
List Price
$729,000
Assumable Rate
3.07%
Remaining Balance
$495,558
Equity Gap
$233,442
Loan Type
VAAdjust Your Scenario
$36,450
$36,450$233,442
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.07% (VA)
Blended Rate: 4.61%
Monthly Payment Comparison
New Conventional @ 6.5%
$4,377/moAssumable @ 3.07% + gap loan
$3,623/moAssumed loan: $2,108/mo
Gap financing: $1,515/mo
$755less per month with the assumable
Your Savings on This Property
2224 Ramsgate, Colorado Springs · 3.07% VA vs 6.5% conventional
$755
per month
$9,056
per year
$271,671
over 30 years
$271,671
interest saved
How gap financing works: The equity gap ($233,442) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($36,450, 5% of purchase price) and a second mortgage for the rest ($196,992 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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