Loan Comparison: 3.1% vs 6.5%
69 Hanson Lane, Pueblo, CO 81001 · 3bd/2ba · $245,000
List Price
$245,000
Assumable Rate
3.1%
Remaining Balance
$164,916
Equity Gap
$80,083
Loan Type
FHAAdjust Your Scenario
$12,250
$12,250$80,083
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.1% (FHA)
Blended Rate: 4.38%
Monthly Payment Comparison
New Conventional @ 6.5%
$1,471/moAssumable @ 3.1% + gap loan
$1,179/moAssumed loan: $704/mo
Gap financing: $474/mo
$293less per month with the assumable
Your Savings on This Property
69 Hanson Lane, Pueblo · 3.1% FHA vs 6.5% conventional
$293
per month
$3,511
per year
$105,344
over 30 years
$105,343
interest saved
How gap financing works: The equity gap ($80,083) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($12,250, 5% of purchase price) and a second mortgage for the rest ($67,833 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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