Loan Comparison: 2.74% vs 6.5%
1217 14th, Greeley, CO 80631 · 5bd/4ba · $390,000
List Price
$390,000
Assumable Rate
2.74%
Remaining Balance
$283,689
Equity Gap
$106,311
Loan Type
VAAdjust Your Scenario
$19,500
$19,500$106,311
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.74% (VA)
Blended Rate: 4.09%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,342/moAssumable @ 2.74% + gap loan
$1,824/moAssumed loan: $1,157/mo
Gap financing: $668/mo
$518less per month with the assumable
Your Savings on This Property
1217 14th, Greeley · 2.74% VA vs 6.5% conventional
$518
per month
$6,212
per year
$186,364
over 30 years
$186,364
interest saved
How gap financing works: The equity gap ($106,311) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($19,500, 5% of purchase price) and a second mortgage for the rest ($86,811 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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