Loan Comparison: 2.96% vs 6.5%
2035 Pine, Pueblo, CO 81004 · 2bd/1ba · $207,000
List Price
$207,000
Assumable Rate
2.96%
Remaining Balance
$157,722
Equity Gap
$49,277
Loan Type
FHAAdjust Your Scenario
$10,350
$10,350$49,277
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.96% (FHA)
Blended Rate: 4.06%
Monthly Payment Comparison
New Conventional @ 6.5%
$1,243/moAssumable @ 2.96% + gap loan
$961/moAssumed loan: $662/mo
Gap financing: $299/mo
$282less per month with the assumable
Your Savings on This Property
2035 Pine, Pueblo · 2.96% FHA vs 6.5% conventional
$282
per month
$3,385
per year
$101,550
over 30 years
$101,549
interest saved
How gap financing works: The equity gap ($49,277) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($10,350, 5% of purchase price) and a second mortgage for the rest ($38,927 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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