Loan Comparison: 2.87% vs 6.5%
1512 Saratoga, Pueblo, CO 81001 · 3bd/3ba · $275,000
List Price
$275,000
Assumable Rate
2.87%
Remaining Balance
$158,679
Equity Gap
$116,321
Loan Type
FHAAdjust Your Scenario
$13,750
$13,750$116,321
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.87% (FHA)
Blended Rate: 5.08%
Monthly Payment Comparison
New Conventional @ 6.5%
$1,651/moAssumable @ 2.87% + gap loan
$1,447/moAssumed loan: $658/mo
Gap financing: $789/mo
$205less per month with the assumable
Your Savings on This Property
1512 Saratoga, Pueblo · 2.87% FHA vs 6.5% conventional
$205
per month
$2,456
per year
$73,682
over 30 years
$73,682
interest saved
How gap financing works: The equity gap ($116,321) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($13,750, 5% of purchase price) and a second mortgage for the rest ($102,571 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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