Loan Comparison: 2.96% vs 6.5%
1418 Spruce, Pueblo, CO 81004 · 1bd/1ba · $160,000
List Price
$160,000
Assumable Rate
2.96%
Remaining Balance
$135,514
Equity Gap
$24,486
Loan Type
FHAAdjust Your Scenario
$8,000
$8,000$24,486
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.96% (FHA)
Blended Rate: 3.56%
Monthly Payment Comparison
New Conventional @ 6.5%
$961/moAssumable @ 2.96% + gap loan
$695/moAssumed loan: $568/mo
Gap financing: $127/mo
$266less per month with the assumable
Your Savings on This Property
1418 Spruce, Pueblo · 2.96% FHA vs 6.5% conventional
$266
per month
$3,187
per year
$95,604
over 30 years
$95,604
interest saved
How gap financing works: The equity gap ($24,486) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($8,000, 5% of purchase price) and a second mortgage for the rest ($16,486 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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