Loan Comparison: 3.18% vs 6.5%
2020 12th Street, Pueblo, CO 81003 · 3bd/2ba · $185,000
List Price
$185,000
Assumable Rate
3.18%
Remaining Balance
$161,313
Equity Gap
$23,686
Loan Type
FHAAdjust Your Scenario
$9,250
$9,250$23,686
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.18% (FHA)
Blended Rate: 3.53%
Monthly Payment Comparison
New Conventional @ 6.5%
$1,111/moAssumable @ 3.18% + gap loan
$797/moAssumed loan: $696/mo
Gap financing: $101/mo
$314less per month with the assumable
Your Savings on This Property
2020 12th Street, Pueblo · 3.18% FHA vs 6.5% conventional
$314
per month
$3,769
per year
$113,061
over 30 years
$113,060
interest saved
How gap financing works: The equity gap ($23,686) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($9,250, 5% of purchase price) and a second mortgage for the rest ($14,436 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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