Loan Comparison: 3.02% vs 6.5%
765 Platteville, Pueblo, CO 81007 · 3bd/2ba · $350,000
List Price
$350,000
Assumable Rate
3.02%
Remaining Balance
$343,660
Equity Gap
$40,962
Loan Type
FHAAdjust Your Scenario
$17,500
$17,500$40,962
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.02% (FHA)
Blended Rate: 3.37%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,102/moAssumable @ 3.02% + gap loan
$1,633/moAssumed loan: $1,453/mo
Gap financing: $180/mo
$469less per month with the assumable
Your Savings on This Property
765 Platteville, Pueblo · 3.02% FHA vs 6.5% conventional
$469
per month
$5,624
per year
$168,707
over 30 years
$203,329
interest saved
How gap financing works: The equity gap ($40,962) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($17,500, 5% of purchase price) and a second mortgage for the rest ($23,462 at 8.5%). 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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