Loan Comparison: 2.74% vs 6.5%
1217 14th Avenue, Greeley, CO 80631 · 2bd/2ba · $374,900
List Price
$374,900
Assumable Rate
2.74%
Remaining Balance
$283,020
Equity Gap
$91,879
Loan Type
VAAdjust Your Scenario
$18,745
$18,745$91,879
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.74% (VA)
Blended Rate: 3.72%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,251/moAssumable @ 2.74% + gap loan
$1,665/moAssumed loan: $1,154/mo
Gap financing: $511/mo
$586less per month with the assumable
Your Savings on This Property
1217 14th Avenue, Greeley · 2.74% VA vs 6.5% conventional
$586
per month
$7,030
per year
$210,914
over 30 years
$210,913
interest saved
How gap financing works: The equity gap ($91,879) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($18,745, 5% of purchase price) and a second mortgage for the rest ($73,134 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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