Loan Comparison: 2.98% vs 6.5%
602 Orange, Pueblo, CO 81005 · 3bd/2ba · $329,900
List Price
$329,900
Assumable Rate
2.98%
Remaining Balance
$262,008
Equity Gap
$67,892
Loan Type
FHAAdjust Your Scenario
$16,495
$16,495$67,892
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.98% (FHA)
Blended Rate: 3.89%
Monthly Payment Comparison
New Conventional @ 6.5%
$1,981/moAssumable @ 2.98% + gap loan
$1,497/moAssumed loan: $1,102/mo
Gap financing: $395/mo
$484less per month with the assumable
Your Savings on This Property
602 Orange, Pueblo · 2.98% FHA vs 6.5% conventional
$484
per month
$5,807
per year
$174,212
over 30 years
$174,212
interest saved
How gap financing works: The equity gap ($67,892) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($16,495, 5% of purchase price) and a second mortgage for the rest ($51,397 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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