Loan Comparison: 2.93% vs 6.5%
1640 Jackson, Pueblo, CO 81004 · 2bd/1ba · $225,000
List Price
$225,000
Assumable Rate
2.93%
Remaining Balance
$158,343
Equity Gap
$66,657
Loan Type
FHAAdjust Your Scenario
$11,250
$11,250$66,657
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.93% (FHA)
Blended Rate: 4.37%
Monthly Payment Comparison
New Conventional @ 6.5%
$1,351/moAssumable @ 2.93% + gap loan
$1,088/moAssumed loan: $662/mo
Gap financing: $426/mo
$263less per month with the assumable
Your Savings on This Property
1640 Jackson, Pueblo · 2.93% FHA vs 6.5% conventional
$263
per month
$3,161
per year
$94,823
over 30 years
$94,823
interest saved
How gap financing works: The equity gap ($66,657) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($11,250, 5% of purchase price) and a second mortgage for the rest ($55,407 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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