Loan Comparison: 3.9% vs 6.5%
873 Fairhaven Street, Castle Rock, CO 80104 · 4bd/3ba · $585,000
List Price
$585,000
Assumable Rate
3.9%
Remaining Balance
$303,224
Equity Gap
$281,775
Loan Type
FHAAdjust Your Scenario
$29,250
$29,250$281,775
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.9% (FHA)
Blended Rate: 5.54%
Monthly Payment Comparison
New Conventional @ 6.5%
$3,513/moAssumable @ 3.9% + gap loan
$3,196/moAssumed loan: $1,430/mo
Gap financing: $1,766/mo
$317less per month with the assumable
Your Savings on This Property
873 Fairhaven Street, Castle Rock · 3.9% FHA vs 6.5% conventional
$317
per month
$3,802
per year
$114,054
over 30 years
$114,053
interest saved
How gap financing works: The equity gap ($281,775) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($29,250, 5% of purchase price) and a second mortgage for the rest ($252,525 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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