Loan Comparison: 2.96% vs 6.5%
1644 Lynwood Lane, Pueblo, CO 81005 · 1bd/1ba · $309,900
List Price
$309,900
Assumable Rate
2.96%
Remaining Balance
$130,779
Equity Gap
$179,121
Loan Type
FHAAdjust Your Scenario
$15,495
$15,495$179,121
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.96% (FHA)
Blended Rate: 5.48%
Monthly Payment Comparison
New Conventional @ 6.5%
$1,861/moAssumable @ 2.96% + gap loan
$1,693/moAssumed loan: $549/mo
Gap financing: $1,144/mo
$168less per month with the assumable
Your Savings on This Property
1644 Lynwood Lane, Pueblo · 2.96% FHA vs 6.5% conventional
$168
per month
$2,018
per year
$60,549
over 30 years
$60,549
interest saved
How gap financing works: The equity gap ($179,121) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($15,495, 5% of purchase price) and a second mortgage for the rest ($163,626 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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