Loan Comparison: 2.65% vs 6.5%
1318 Spruce, Pueblo, CO 81004 · 2bd/1ba · $148,900
List Price
$148,900
Assumable Rate
2.65%
Remaining Balance
$129,721
Equity Gap
$24,464
Loan Type
FHAAdjust Your Scenario
$7,445
$7,445$24,464
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.65% (FHA)
Blended Rate: 3.33%
Monthly Payment Comparison
New Conventional @ 6.5%
$894/moAssumable @ 2.65% + gap loan
$654/moAssumed loan: $523/mo
Gap financing: $131/mo
$241less per month with the assumable
Your Savings on This Property
1318 Spruce, Pueblo · 2.65% FHA vs 6.5% conventional
$241
per month
$2,886
per year
$86,581
over 30 years
$91,866
interest saved
How gap financing works: The equity gap ($24,464) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($7,445, 5% of purchase price) and a second mortgage for the rest ($17,019 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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