Loan Comparison: 2.96% vs 6.5%
1485 Ithaca, Pueblo, CO 81007 · 3bd/2ba · $439,999
List Price
$439,999
Assumable Rate
2.96%
Remaining Balance
$263,852
Equity Gap
$175,565
Loan Type
FHAAdjust Your Scenario
$22,000
$22,000$175,565
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.96% (FHA)
Blended Rate: 5.00%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,642/moAssumable @ 2.96% + gap loan
$2,288/moAssumed loan: $1,107/mo
Gap financing: $1,181/mo
$355less per month with the assumable
Your Savings on This Property
1485 Ithaca, Pueblo · 2.96% FHA vs 6.5% conventional
$355
per month
$4,254
per year
$127,631
over 30 years
$127,049
interest saved
How gap financing works: The equity gap ($175,565) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($22,000, 5% of purchase price) and a second mortgage for the rest ($153,565 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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