Loan Comparison: 2.74% vs 6.5%
1217 14th, Greeley, CO 80631 · 2bd/3ba · $390,000
List Price
$390,000
Assumable Rate
2.74%
Remaining Balance
$317,357
Equity Gap
$104,978
Loan Type
VAAdjust Your Scenario
$19,500
$19,500$104,978
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.74% (VA)
Blended Rate: 3.96%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,342/moAssumable @ 2.74% + gap loan
$1,951/moAssumed loan: $1,294/mo
Gap financing: $657/mo
$391less per month with the assumable
Your Savings on This Property
1217 14th, Greeley · 2.74% VA vs 6.5% conventional
$391
per month
$4,688
per year
$140,637
over 30 years
$172,972
interest saved
How gap financing works: The equity gap ($104,978) 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 ($85,478 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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