Loan Comparison: 2.91% vs 6.5%
686 Dumont, Pueblo, CO 81007 · 4bd/3ba · $290,000
List Price
$290,000
Assumable Rate
2.91%
Remaining Balance
$252,714
Equity Gap
$36,697
Loan Type
FHAAdjust Your Scenario
$14,500
$14,500$36,697
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.91% (FHA)
Blended Rate: 3.36%
Monthly Payment Comparison
New Conventional @ 6.5%
$1,741/moAssumable @ 2.91% + gap loan
$1,224/moAssumed loan: $1,053/mo
Gap financing: $171/mo
$517less per month with the assumable
Your Savings on This Property
686 Dumont, Pueblo · 2.91% FHA vs 6.5% conventional
$517
per month
$6,209
per year
$186,281
over 30 years
$185,692
interest saved
How gap financing works: The equity gap ($36,697) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($14,500, 5% of purchase price) and a second mortgage for the rest ($22,197 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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