Loan Comparison: 3.02% vs 6.5%
2716 Harvest Ridge, Colorado Springs, CO 80918 · 3bd/4ba · $409,000
List Price
$409,000
Assumable Rate
3.02%
Remaining Balance
$294,830
Equity Gap
$114,855
Loan Type
VAAdjust Your Scenario
$20,450
$20,450$114,855
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.02% (VA)
Blended Rate: 4.35%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,456/moAssumable @ 3.02% + gap loan
$1,972/moAssumed loan: $1,246/mo
Gap financing: $726/mo
$484less per month with the assumable
Your Savings on This Property
2716 Harvest Ridge, Colorado Springs · 3.02% VA vs 6.5% conventional
$484
per month
$5,806
per year
$174,172
over 30 years
$174,857
interest saved
How gap financing works: The equity gap ($114,855) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($20,450, 5% of purchase price) and a second mortgage for the rest ($94,405 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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