Loan Comparison: 5.23% vs 6.5%
2604 14th, Greeley, CO 80631 · 3bd/2ba · $407,000
List Price
$407,000
Assumable Rate
5.23%
Remaining Balance
$377,064
Equity Gap
$27,720
Loan Type
VAAdjust Your Scenario
$20,350
$20,350$27,720
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 5.23% (VA)
Blended Rate: 5.29%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,444/moAssumable @ 5.23% + gap loan
$2,134/moAssumed loan: $2,077/mo
Gap financing: $57/mo
$310less per month with the assumable
Your Savings on This Property
2604 14th, Greeley · 5.23% VA vs 6.5% conventional
$310
per month
$3,717
per year
$111,503
over 30 years
$109,287
interest saved
How gap financing works: The equity gap ($27,720) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($20,350, 5% of purchase price) and a second mortgage for the rest ($7,370 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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