Loan Comparison: 2.88% vs 6.5%
652 Cinnabar Lane, Castle Rock, CO 80108 · 4bd/3ba · $799,999
List Price
$799,999
Assumable Rate
2.88%
Remaining Balance
$521,097
Equity Gap
$278,901
Loan Type
FHAAdjust Your Scenario
$40,000
$40,000$278,901
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.88% (FHA)
Blended Rate: 4.33%
Monthly Payment Comparison
New Conventional @ 6.5%
$4,804/moAssumable @ 2.88% + gap loan
$3,834/moAssumed loan: $2,163/mo
Gap financing: $1,670/mo
$970less per month with the assumable
Your Savings on This Property
652 Cinnabar Lane, Castle Rock · 2.88% FHA vs 6.5% conventional
$970
per month
$11,639
per year
$349,162
over 30 years
$349,161
interest saved
How gap financing works: The equity gap ($278,901) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($40,000, 5% of purchase price) and a second mortgage for the rest ($238,901 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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