Loan Comparison: 6.35% vs 6.5%
3311 Farabaugh Lane, Pueblo, CO 81005 · 4bd/3ba · $310,000
List Price
$310,000
Assumable Rate
6.35%
Remaining Balance
$293,301
Equity Gap
$16,698
Loan Type
FHAAdjust Your Scenario
$15,500
$15,500$16,698
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 6.35% (FHA)
Blended Rate: 6.35%
Monthly Payment Comparison
New Conventional @ 6.5%
$1,861/moAssumable @ 6.35% + gap loan
$1,833/moAssumed loan: $1,825/mo
Gap financing: $8/mo
$28less per month with the assumable
Your Savings on This Property
3311 Farabaugh Lane, Pueblo · 6.35% FHA vs 6.5% conventional
$28
per month
$336
per year
$10,094
over 30 years
$10,093
interest saved
How gap financing works: The equity gap ($16,698) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($15,500, 5% of purchase price) and a second mortgage for the rest ($1,198 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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