Loan Comparison: 2.88% vs 6.5%
840 Swift Court, Colorado Springs, CO 80910 · 2bd/2ba · $299,900
List Price
$299,900
Assumable Rate
2.88%
Remaining Balance
$223,165
Equity Gap
$76,735
Loan Type
VAAdjust Your Scenario
$14,995
$14,995$76,735
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.88% (VA)
Blended Rate: 3.88%
Monthly Payment Comparison
New Conventional @ 6.5%
$1,801/moAssumable @ 2.88% + gap loan
$1,358/moAssumed loan: $926/mo
Gap financing: $432/mo
$443less per month with the assumable
Your Savings on This Property
840 Swift Court, Colorado Springs · 2.88% VA vs 6.5% conventional
$443
per month
$5,311
per year
$159,339
over 30 years
$159,339
interest saved
How gap financing works: The equity gap ($76,735) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($14,995, 5% of purchase price) and a second mortgage for the rest ($61,740 at 7.5%). 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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