Loan Comparison: 4.14% vs 6.5%
2450 Garganey Drive, Castle Rock, CO 80104 · 5bd/3ba · $574,000
List Price
$574,000
Assumable Rate
4.14%
Remaining Balance
$353,137
Equity Gap
$220,862
Loan Type
FHAAdjust Your Scenario
$28,700
$28,700$220,862
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 4.14% (FHA)
Blended Rate: 5.32%
Monthly Payment Comparison
New Conventional @ 6.5%
$3,447/moAssumable @ 4.14% + gap loan
$3,058/moAssumed loan: $1,715/mo
Gap financing: $1,344/mo
$388less per month with the assumable
Your Savings on This Property
2450 Garganey Drive, Castle Rock · 4.14% FHA vs 6.5% conventional
$388
per month
$4,662
per year
$139,855
over 30 years
$139,854
interest saved
How gap financing works: The equity gap ($220,862) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($28,700, 5% of purchase price) and a second mortgage for the rest ($192,162 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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