Loan Comparison: 2.77% vs 6.5%
1615 Englewood, Pueblo, CO 81005 · 3bd/1ba · $259,900
List Price
$259,900
Assumable Rate
2.77%
Remaining Balance
$171,595
Equity Gap
$87,903
Loan Type
FHAAdjust Your Scenario
$12,995
$12,995$87,903
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.77% (FHA)
Blended Rate: 4.51%
Monthly Payment Comparison
New Conventional @ 6.5%
$1,561/moAssumable @ 2.77% + gap loan
$1,278/moAssumed loan: $702/mo
Gap financing: $576/mo
$282less per month with the assumable
Your Savings on This Property
1615 Englewood, Pueblo · 2.77% FHA vs 6.5% conventional
$282
per month
$3,387
per year
$101,624
over 30 years
$101,222
interest saved
How gap financing works: The equity gap ($87,903) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($12,995, 5% of purchase price) and a second mortgage for the rest ($74,908 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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