Loan Comparison: 2.77% vs 6.5%
1500 Nemrick Place, Castle Rock, CO 80109 · 3bd/3ba · $400,000
List Price
$400,000
Assumable Rate
2.77%
Remaining Balance
$223,365
Equity Gap
$176,634
Loan Type
FHAAdjust Your Scenario
$20,000
$20,000$176,634
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.77% (FHA)
Blended Rate: 4.72%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,402/moAssumable @ 2.77% + gap loan
$2,009/moAssumed loan: $914/mo
Gap financing: $1,095/mo
$392less per month with the assumable
Your Savings on This Property
1500 Nemrick Place, Castle Rock · 2.77% FHA vs 6.5% conventional
$392
per month
$4,709
per year
$141,269
over 30 years
$141,268
interest saved
How gap financing works: The equity gap ($176,634) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($20,000, 5% of purchase price) and a second mortgage for the rest ($156,634 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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