Loan Comparison: 2.84% vs 6.5%
5849 Echo Park Circle, Castle Rock, CO 80104 · 3bd/3ba · $625,000
List Price
$625,000
Assumable Rate
2.84%
Remaining Balance
$428,639
Equity Gap
$196,360
Loan Type
FHAAdjust Your Scenario
$31,250
$31,250$196,360
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.84% (FHA)
Blended Rate: 4.14%
Monthly Payment Comparison
New Conventional @ 6.5%
$3,753/moAssumable @ 2.84% + gap loan
$2,925/moAssumed loan: $1,770/mo
Gap financing: $1,154/mo
$828less per month with the assumable
Your Savings on This Property
5849 Echo Park Circle, Castle Rock · 2.84% FHA vs 6.5% conventional
$828
per month
$9,937
per year
$298,098
over 30 years
$298,097
interest saved
How gap financing works: The equity gap ($196,360) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($31,250, 5% of purchase price) and a second mortgage for the rest ($165,110 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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