Loan Comparison: 6.48% vs 6.5%
506 Swope Avenue, Colorado Springs, CO 80909 · 2bd/2ba · $385,000
List Price
$385,000
Assumable Rate
6.48%
Remaining Balance
$352,987
Equity Gap
$32,013
Loan Type
VAAdjust Your Scenario
$19,250
$19,250$32,013
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 6.48% (VA)
Blended Rate: 6.52%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,312/moAssumable @ 6.48% + gap loan
$2,316/moAssumed loan: $2,226/mo
Gap financing: $89/mo
Your Savings on This Property
506 Swope Avenue, Colorado Springs · 6.48% VA vs 6.5% conventional
$0
per month
$0
per year
$0
over 30 years
$0
interest saved
How gap financing works: The equity gap ($32,013) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($19,250, 5% of purchase price) and a second mortgage for the rest ($12,763 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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