Loan Comparison: 2.98% vs 6.5%
1010 4th Street, Pueblo, CO 81001 · 3bd/1ba · $98,000
List Price
$98,000
Assumable Rate
2.98%
Remaining Balance
$83,399
Equity Gap
$14,601
Loan Type
VAAdjust Your Scenario
$4,900
$4,900$14,601
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.98% (VA)
Blended Rate: 3.45%
Monthly Payment Comparison
New Conventional @ 6.5%
$588/moAssumable @ 2.98% + gap loan
$419/moAssumed loan: $351/mo
Gap financing: $68/mo
$170less per month with the assumable
Your Savings on This Property
1010 4th Street, Pueblo · 2.98% VA vs 6.5% conventional
$170
per month
$2,039
per year
$61,168
over 30 years
$61,168
interest saved
How gap financing works: The equity gap ($14,601) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($4,900, 5% of purchase price) and a second mortgage for the rest ($9,701 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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