Loan Comparison: 3.6% vs 6.5%
316 Orman Avenue, Pueblo, CO 81004 · 4bd/2ba · $369,000
List Price
$369,000
Assumable Rate
3.6%
Remaining Balance
$182,656
Equity Gap
$186,344
Loan Type
FHAAdjust Your Scenario
$18,450
$18,450$186,344
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.6% (FHA)
Blended Rate: 5.47%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,216/moAssumable @ 3.6% + gap loan
$2,004/moAssumed loan: $830/mo
Gap financing: $1,174/mo
$211less per month with the assumable
Your Savings on This Property
316 Orman Avenue, Pueblo · 3.6% FHA vs 6.5% conventional
$211
per month
$2,536
per year
$76,082
over 30 years
$76,082
interest saved
How gap financing works: The equity gap ($186,344) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($18,450, 5% of purchase price) and a second mortgage for the rest ($167,894 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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