Loan Comparison: 2.91% vs 6.5%
686 Dumont, Pueblo, CO 81007 · 4bd/3ba · $299,000
List Price
$299,000
Assumable Rate
2.91%
Remaining Balance
$288,674
Equity Gap
$45,697
Loan Type
FHAAdjust Your Scenario
$14,950
$14,950$45,697
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.91% (FHA)
Blended Rate: 3.45%
Monthly Payment Comparison
New Conventional @ 6.5%
$1,795/moAssumable @ 2.91% + gap loan
$1,440/moAssumed loan: $1,203/mo
Gap financing: $236/mo
$356less per month with the assumable
Your Savings on This Property
686 Dumont, Pueblo · 2.91% FHA vs 6.5% conventional
$356
per month
$4,271
per year
$128,116
over 30 years
$163,487
interest saved
How gap financing works: The equity gap ($45,697) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($14,950, 5% of purchase price) and a second mortgage for the rest ($30,747 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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