Loan Comparison: 2.96% vs 6.5%
402 16th Avenue, Greeley, CO 80631 · 2bd/2ba · $339,900
List Price
$339,900
Assumable Rate
2.96%
Remaining Balance
$202,405
Equity Gap
$138,384
Loan Type
VAAdjust Your Scenario
$16,995
$16,995$138,384
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.96% (VA)
Blended Rate: 5.04%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,041/moAssumable @ 2.96% + gap loan
$1,782/moAssumed loan: $849/mo
Gap financing: $933/mo
$259less per month with the assumable
Your Savings on This Property
402 16th Avenue, Greeley · 2.96% VA vs 6.5% conventional
$259
per month
$3,103
per year
$93,102
over 30 years
$93,991
interest saved
How gap financing works: The equity gap ($138,384) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($16,995, 5% of purchase price) and a second mortgage for the rest ($121,389 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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