Loan Comparison: 2.97% vs 6.5%
1418 Spruce Street, Pueblo, CO 81008 · 2bd/2ba · $165,000
List Price
$165,000
Assumable Rate
2.97%
Remaining Balance
$134,624
Equity Gap
$30,376
Loan Type
FHAAdjust Your Scenario
$8,250
$8,250$30,376
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.97% (FHA)
Blended Rate: 3.61%
Monthly Payment Comparison
New Conventional @ 6.5%
$991/moAssumable @ 2.97% + gap loan
$720/moAssumed loan: $565/mo
Gap financing: $155/mo
$271less per month with the assumable
Your Savings on This Property
1418 Spruce Street, Pueblo · 2.97% FHA vs 6.5% conventional
$271
per month
$3,248
per year
$97,435
over 30 years
$97,435
interest saved
How gap financing works: The equity gap ($30,376) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($8,250, 5% of purchase price) and a second mortgage for the rest ($22,126 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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