Loan Comparison: 3.34% vs 6.5%
7132 Bandit Drive, Castle Rock, CO 80108 · 6bd/4ba · $825,000
List Price
$825,000
Assumable Rate
3.34%
Remaining Balance
$459,717
Equity Gap
$365,283
Loan Type
FHAAdjust Your Scenario
$41,250
$41,250$365,283
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.34% (FHA)
Blended Rate: 5.06%
Monthly Payment Comparison
New Conventional @ 6.5%
$4,954/moAssumable @ 3.34% + gap loan
$4,289/moAssumed loan: $2,023/mo
Gap financing: $2,266/mo
$665less per month with the assumable
Your Savings on This Property
7132 Bandit Drive, Castle Rock · 3.34% FHA vs 6.5% conventional
$665
per month
$7,976
per year
$239,275
over 30 years
$239,275
interest saved
How gap financing works: The equity gap ($365,283) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($41,250, 5% of purchase price) and a second mortgage for the rest ($324,033 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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