Loan Comparison: 2.96% vs 6.5%
1418 Spruce, Pueblo, CO 81004 · 1bd/1ba · $170,000
List Price
$170,000
Assumable Rate
2.96%
Remaining Balance
$134,905
Equity Gap
$34,791
Loan Type
FHAAdjust Your Scenario
$8,500
$8,500$34,791
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.96% (FHA)
Blended Rate: 3.86%
Monthly Payment Comparison
New Conventional @ 6.5%
$1,021/moAssumable @ 2.96% + gap loan
$768/moAssumed loan: $566/mo
Gap financing: $202/mo
$253less per month with the assumable
Your Savings on This Property
1418 Spruce, Pueblo · 2.96% FHA vs 6.5% conventional
$253
per month
$3,033
per year
$90,999
over 30 years
$90,695
interest saved
How gap financing works: The equity gap ($34,791) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($8,500, 5% of purchase price) and a second mortgage for the rest ($26,291 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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