Loan Comparison: 3.76% vs 6.5%
119 Pembrook Street, Castle Rock, CO 80104 · 5bd/3ba · $449,000
List Price
$449,000
Assumable Rate
3.76%
Remaining Balance
$384,837
Equity Gap
$64,162
Loan Type
FHAAdjust Your Scenario
$22,450
$22,450$64,162
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.76% (FHA)
Blended Rate: 4.13%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,696/moAssumable @ 3.76% + gap loan
$2,076/moAssumed loan: $1,784/mo
Gap financing: $292/mo
$620less per month with the assumable
Your Savings on This Property
119 Pembrook Street, Castle Rock · 3.76% FHA vs 6.5% conventional
$620
per month
$7,440
per year
$223,202
over 30 years
$223,201
interest saved
How gap financing works: The equity gap ($64,162) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($22,450, 5% of purchase price) and a second mortgage for the rest ($41,712 at 7.5%). 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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