Loan Comparison: 2.68% vs 6.5%
1324 29th Street, Greeley, CO 80631 · 4bd/2ba · $370,000
List Price
$370,000
Assumable Rate
2.68%
Remaining Balance
$218,964
Equity Gap
$151,036
Loan Type
VAAdjust Your Scenario
$18,500
$18,500$151,036
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.68% (VA)
Blended Rate: 4.50%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,222/moAssumable @ 2.68% + gap loan
$1,813/moAssumed loan: $886/mo
Gap financing: $927/mo
$409less per month with the assumable
Your Savings on This Property
1324 29th Street, Greeley · 2.68% VA vs 6.5% conventional
$409
per month
$4,910
per year
$147,314
over 30 years
$147,314
interest saved
How gap financing works: The equity gap ($151,036) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($18,500, 5% of purchase price) and a second mortgage for the rest ($132,536 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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