Loan Comparison: 2.94% vs 6.5%
840 Swift, Colorado Springs, CO 80910 · 2bd/1ba · $310,000
List Price
$310,000
Assumable Rate
2.94%
Remaining Balance
$224,511
Equity Gap
$84,963
Loan Type
VAAdjust Your Scenario
$15,500
$15,500$84,963
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.94% (VA)
Blended Rate: 4.25%
Monthly Payment Comparison
New Conventional @ 6.5%
$1,861/moAssumable @ 2.94% + gap loan
$1,473/moAssumed loan: $939/mo
Gap financing: $534/mo
$388less per month with the assumable
Your Savings on This Property
840 Swift, Colorado Springs · 2.94% VA vs 6.5% conventional
$388
per month
$4,656
per year
$139,692
over 30 years
$139,166
interest saved
How gap financing works: The equity gap ($84,963) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($15,500, 5% of purchase price) and a second mortgage for the rest ($69,463 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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