Loan Comparison: 2.94% vs 6.5%
2020 12th, Pueblo, CO 81003 · 4bd/2ba · $220,000
List Price
$220,000
Assumable Rate
2.94%
Remaining Balance
$162,409
Equity Gap
$57,591
Loan Type
FHAAdjust Your Scenario
$11,000
$11,000$57,591
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.94% (FHA)
Blended Rate: 4.18%
Monthly Payment Comparison
New Conventional @ 6.5%
$1,321/moAssumable @ 2.94% + gap loan
$1,038/moAssumed loan: $679/mo
Gap financing: $358/mo
$283less per month with the assumable
Your Savings on This Property
2020 12th, Pueblo · 2.94% FHA vs 6.5% conventional
$283
per month
$3,400
per year
$101,988
over 30 years
$101,988
interest saved
How gap financing works: The equity gap ($57,591) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($11,000, 5% of purchase price) and a second mortgage for the rest ($46,591 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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