Loan Comparison: 2.77% vs 6.5%
1615 Englewood, Pueblo, CO 81005 · 3bd/1ba · $249,900
List Price
$249,900
Assumable Rate
2.77%
Remaining Balance
$170,788
Equity Gap
$79,111
Loan Type
FHAAdjust Your Scenario
$12,495
$12,495$79,111
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.77% (FHA)
Blended Rate: 4.38%
Monthly Payment Comparison
New Conventional @ 6.5%
$1,501/moAssumable @ 2.77% + gap loan
$1,211/moAssumed loan: $699/mo
Gap financing: $512/mo
$289less per month with the assumable
Your Savings on This Property
1615 Englewood, Pueblo · 2.77% FHA vs 6.5% conventional
$289
per month
$3,472
per year
$104,149
over 30 years
$104,148
interest saved
How gap financing works: The equity gap ($79,111) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($12,495, 5% of purchase price) and a second mortgage for the rest ($66,616 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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