Loan Comparison: 2.95% vs 6.5%
1005 22nd, Greeley, CO 80631 · 5bd/2ba · $439,900
List Price
$439,900
Assumable Rate
2.95%
Remaining Balance
$320,837
Equity Gap
$119,063
Loan Type
VAAdjust Your Scenario
$21,995
$21,995$119,063
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.95% (VA)
Blended Rate: 4.24%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,641/moAssumable @ 2.95% + gap loan
$2,090/moAssumed loan: $1,344/mo
Gap financing: $746/mo
$551less per month with the assumable
Your Savings on This Property
1005 22nd, Greeley · 2.95% VA vs 6.5% conventional
$551
per month
$6,613
per year
$198,378
over 30 years
$198,378
interest saved
How gap financing works: The equity gap ($119,063) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($21,995, 5% of purchase price) and a second mortgage for the rest ($97,068 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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