Loan Comparison: 2.74% vs 6.5%
607 Branding Iron Lane, Castle Rock, CO 80104 · 3bd/2ba · $549,900
List Price
$549,900
Assumable Rate
2.74%
Remaining Balance
$365,780
Equity Gap
$184,119
Loan Type
FHAAdjust Your Scenario
$27,495
$27,495$184,119
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.74% (FHA)
Blended Rate: 4.17%
Monthly Payment Comparison
New Conventional @ 6.5%
$3,302/moAssumable @ 2.74% + gap loan
$2,586/moAssumed loan: $1,491/mo
Gap financing: $1,095/mo
$715less per month with the assumable
Your Savings on This Property
607 Branding Iron Lane, Castle Rock · 2.74% FHA vs 6.5% conventional
$715
per month
$8,586
per year
$257,576
over 30 years
$257,575
interest saved
How gap financing works: The equity gap ($184,119) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($27,495, 5% of purchase price) and a second mortgage for the rest ($156,624 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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