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
$263,268
Equity Gap
$176,731
Loan Type
FHAAdjust Your Scenario
$22,000
$22,000$176,731
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.96% (FHA)
Blended Rate: 5.01%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,642/moAssumable @ 2.96% + gap loan
$2,294/moAssumed loan: $1,104/mo
Gap financing: $1,190/mo
$348less per month with the assumable
Your Savings on This Property
1485 Ithaca, Pueblo · 2.96% FHA vs 6.5% conventional
$348
per month
$4,176
per year
$125,285
over 30 years
$125,285
interest saved
How gap financing works: The equity gap ($176,731) 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 ($154,731 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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