Loan Comparison: 2.83% vs 6.5%
829 Smith Street, Fort Collins, CO 80524 · 2bd/3ba · $775,000
List Price
$775,000
Assumable Rate
2.83%
Remaining Balance
$320,230
Equity Gap
$454,770
Loan Type
VAAdjust Your Scenario
$38,750
$38,750$454,770
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.83% (VA)
Blended Rate: 5.47%
Monthly Payment Comparison
New Conventional @ 6.5%
$4,654/moAssumable @ 2.83% + gap loan
$4,230/moAssumed loan: $1,321/mo
Gap financing: $2,909/mo
$424less per month with the assumable
Your Savings on This Property
829 Smith Street, Fort Collins · 2.83% VA vs 6.5% conventional
$424
per month
$5,086
per year
$152,571
over 30 years
$152,571
interest saved
How gap financing works: The equity gap ($454,770) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($38,750, 5% of purchase price) and a second mortgage for the rest ($416,020 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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