Loan Comparison: 2.9% vs 6.5%
1208 Joliet, Pueblo, CO 81004 · 2bd/2ba · $229,000
List Price
$229,000
Assumable Rate
2.9%
Remaining Balance
$176,924
Equity Gap
$65,000
Loan Type
FHAAdjust Your Scenario
$11,450
$11,450$65,000
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.9% (FHA)
Blended Rate: 4.20%
Monthly Payment Comparison
New Conventional @ 6.5%
$1,375/moAssumable @ 2.9% + gap loan
$1,148/moAssumed loan: $736/mo
Gap financing: $412/mo
$227less per month with the assumable
Your Savings on This Property
1208 Joliet, Pueblo · 2.9% FHA vs 6.5% conventional
$227
per month
$2,723
per year
$81,684
over 30 years
$94,608
interest saved
How gap financing works: The equity gap ($65,000) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($11,450, 5% of purchase price) and a second mortgage for the rest ($53,550 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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