Loan Comparison: 3.45% vs 6.5%
1140 Preble Court, Castle Rock, CO 80104 · 4bd/4ba · $595,000
List Price
$595,000
Assumable Rate
3.45%
Remaining Balance
$450,910
Equity Gap
$144,089
Loan Type
FHAAdjust Your Scenario
$29,750
$29,750$144,089
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.45% (FHA)
Blended Rate: 4.27%
Monthly Payment Comparison
New Conventional @ 6.5%
$3,573/moAssumable @ 3.45% + gap loan
$2,812/moAssumed loan: $2,012/mo
Gap financing: $799/mo
$761less per month with the assumable
Your Savings on This Property
1140 Preble Court, Castle Rock · 3.45% FHA vs 6.5% conventional
$761
per month
$9,133
per year
$273,984
over 30 years
$273,983
interest saved
How gap financing works: The equity gap ($144,089) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($29,750, 5% of purchase price) and a second mortgage for the rest ($114,339 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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