Loan Comparison: 6.02% vs 6.5%
1401 20th Street, Greeley, CO 80631 · 5bd/3ba · $564,900
List Price
$564,900
Assumable Rate
6.02%
Remaining Balance
$457,460
Equity Gap
$107,439
Loan Type
VAAdjust Your Scenario
$28,245
$28,245$107,439
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 6.02% (VA)
Blended Rate: 6.24%
Monthly Payment Comparison
New Conventional @ 6.5%
$3,392/moAssumable @ 6.02% + gap loan
$3,302/moAssumed loan: $2,749/mo
Gap financing: $554/mo
$90less per month with the assumable
Your Savings on This Property
1401 20th Street, Greeley · 6.02% VA vs 6.5% conventional
$90
per month
$1,076
per year
$32,292
over 30 years
$32,291
interest saved
How gap financing works: The equity gap ($107,439) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($28,245, 5% of purchase price) and a second mortgage for the rest ($79,194 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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