Loan Comparison: 3.18% vs 6.5%
3412 Devonshire Lane, Pueblo, CO 81005 · 3bd/2ba · $225,000
List Price
$225,000
Assumable Rate
3.18%
Remaining Balance
$195,324
Equity Gap
$29,675
Loan Type
FHAAdjust Your Scenario
$11,250
$11,250$29,675
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.18% (FHA)
Blended Rate: 3.55%
Monthly Payment Comparison
New Conventional @ 6.5%
$1,351/moAssumable @ 3.18% + gap loan
$971/moAssumed loan: $843/mo
Gap financing: $129/mo
$380less per month with the assumable
Your Savings on This Property
3412 Devonshire Lane, Pueblo · 3.18% FHA vs 6.5% conventional
$380
per month
$4,556
per year
$136,670
over 30 years
$136,669
interest saved
How gap financing works: The equity gap ($29,675) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($11,250, 5% of purchase price) and a second mortgage for the rest ($18,425 at 7.5%). 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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