Loan Comparison: 4.15% vs 6.5%
1326 Sierra Drive, Castle Rock, CO 80104 · 4bd/3ba · $415,000
List Price
$415,000
Assumable Rate
4.15%
Remaining Balance
$216,730
Equity Gap
$198,269
Loan Type
FHAAdjust Your Scenario
$20,750
$20,750$198,269
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 4.15% (FHA)
Blended Rate: 5.66%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,492/moAssumable @ 4.15% + gap loan
$2,295/moAssumed loan: $1,054/mo
Gap financing: $1,241/mo
$197less per month with the assumable
Your Savings on This Property
1326 Sierra Drive, Castle Rock · 4.15% FHA vs 6.5% conventional
$197
per month
$2,366
per year
$70,977
over 30 years
$70,976
interest saved
How gap financing works: The equity gap ($198,269) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($20,750, 5% of purchase price) and a second mortgage for the rest ($177,519 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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