Loan Comparison: 5.23% vs 6.5%
2604 14th, Greeley, CO 80631 · 3bd/2ba · $410,000
List Price
$410,000
Assumable Rate
5.23%
Remaining Balance
$377,622
Equity Gap
$30,720
Loan Type
VAAdjust Your Scenario
$20,500
$20,500$30,720
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 5.23% (VA)
Blended Rate: 5.32%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,462/moAssumable @ 5.23% + gap loan
$2,159/moAssumed loan: $2,081/mo
Gap financing: $79/mo
$303less per month with the assumable
Your Savings on This Property
2604 14th, Greeley · 5.23% VA vs 6.5% conventional
$303
per month
$3,633
per year
$108,992
over 30 years
$107,334
interest saved
How gap financing works: The equity gap ($30,720) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($20,500, 5% of purchase price) and a second mortgage for the rest ($10,220 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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