Loan Comparison: 2.93% vs 6.5%
1640 Jackson, Pueblo, CO 81004 · 2bd/1ba · $210,000
List Price
$210,000
Assumable Rate
2.93%
Remaining Balance
$163,698
Equity Gap
$53,069
Loan Type
FHAAdjust Your Scenario
$10,500
$10,500$53,069
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.93% (FHA)
Blended Rate: 4.08%
Monthly Payment Comparison
New Conventional @ 6.5%
$1,261/moAssumable @ 2.93% + gap loan
$1,011/moAssumed loan: $684/mo
Gap financing: $327/mo
$250less per month with the assumable
Your Savings on This Property
1640 Jackson, Pueblo · 2.93% FHA vs 6.5% conventional
$250
per month
$2,996
per year
$89,879
over 30 years
$96,646
interest saved
How gap financing works: The equity gap ($53,069) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($10,500, 5% of purchase price) and a second mortgage for the rest ($42,569 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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