Loan Comparison: 3.86% vs 6.5%
1303 Firefly Circle, Colorado Springs, CO 80916 · 2bd/2ba · $230,860
List Price
$230,860
Assumable Rate
3.86%
Remaining Balance
$109,859
Equity Gap
$121,001
Loan Type
VAAdjust Your Scenario
$11,543
$11,543$121,001
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.86% (VA)
Blended Rate: 5.68%
Monthly Payment Comparison
New Conventional @ 6.5%
$1,386/moAssumable @ 3.86% + gap loan
$1,281/moAssumed loan: $516/mo
Gap financing: $765/mo
$105less per month with the assumable
Your Savings on This Property
1303 Firefly Circle, Colorado Springs · 3.86% VA vs 6.5% conventional
$105
per month
$1,263
per year
$37,883
over 30 years
$37,883
interest saved
How gap financing works: The equity gap ($121,001) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($11,543, 5% of purchase price) and a second mortgage for the rest ($109,458 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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