Loan Comparison: 3.88% vs 6.5%
1303 Firefly, Colorado Springs, CO 80916 · 3bd/2ba · $238,000
List Price
$238,000
Assumable Rate
3.88%
Remaining Balance
$110,482
Equity Gap
$127,518
Loan Type
VAAdjust Your Scenario
$11,900
$11,900$127,518
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.88% (VA)
Blended Rate: 6.24%
Monthly Payment Comparison
New Conventional @ 6.5%
$1,429/moAssumable @ 3.88% + gap loan
$1,409/moAssumed loan: $520/mo
Gap financing: $889/mo
$20less per month with the assumable
Your Savings on This Property
1303 Firefly, Colorado Springs · 3.88% VA vs 6.5% conventional
$20
per month
$243
per year
$7,294
over 30 years
$7,294
interest saved
How gap financing works: The equity gap ($127,518) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($11,900, 5% of purchase price) and a second mortgage for the rest ($115,618 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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