Loan Comparison: 4.98% vs 6.5%
1282 Kittery Street, Castle Rock, CO 80104 · 6bd/5ba · $675,000
List Price
$675,000
Assumable Rate
4.98%
Remaining Balance
$517,804
Equity Gap
$157,195
Loan Type
FHAAdjust Your Scenario
$33,750
$33,750$157,195
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 4.98% (FHA)
Blended Rate: 5.47%
Monthly Payment Comparison
New Conventional @ 6.5%
$4,053/moAssumable @ 4.98% + gap loan
$3,637/moAssumed loan: $2,773/mo
Gap financing: $863/mo
$417less per month with the assumable
Your Savings on This Property
1282 Kittery Street, Castle Rock · 4.98% FHA vs 6.5% conventional
$417
per month
$5,000
per year
$149,988
over 30 years
$149,987
interest saved
How gap financing works: The equity gap ($157,195) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($33,750, 5% of purchase price) and a second mortgage for the rest ($123,445 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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