Loan Comparison: 5.89% vs 6.5%
725 Box Elder Street, Pueblo, CO 81004 · 3bd/2ba · $190,000
List Price
$190,000
Assumable Rate
5.89%
Remaining Balance
$162,839
Equity Gap
$27,161
Loan Type
FHAAdjust Your Scenario
$9,500
$9,500$27,161
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 5.89% (FHA)
Blended Rate: 6.05%
Monthly Payment Comparison
New Conventional @ 6.5%
$1,141/moAssumable @ 5.89% + gap loan
$1,088/moAssumed loan: $965/mo
Gap financing: $123/mo
$53less per month with the assumable
Your Savings on This Property
725 Box Elder Street, Pueblo · 5.89% FHA vs 6.5% conventional
$53
per month
$631
per year
$18,928
over 30 years
$18,928
interest saved
How gap financing works: The equity gap ($27,161) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($9,500, 5% of purchase price) and a second mortgage for the rest ($17,661 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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