Loan Comparison: 2.8% vs 6.5%
287 Vista Cliff Circle, Castle Rock, CO 80104 · 2bd/3ba · $589,900
List Price
$589,900
Assumable Rate
2.8%
Remaining Balance
$487,661
Equity Gap
$102,238
Loan Type
FHAAdjust Your Scenario
$29,495
$29,495$102,238
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.8% (FHA)
Blended Rate: 3.41%
Monthly Payment Comparison
New Conventional @ 6.5%
$3,542/moAssumable @ 2.8% + gap loan
$2,512/moAssumed loan: $2,004/mo
Gap financing: $509/mo
$1,030less per month with the assumable
Your Savings on This Property
287 Vista Cliff Circle, Castle Rock · 2.8% FHA vs 6.5% conventional
$1,030
per month
$12,357
per year
$370,706
over 30 years
$370,705
interest saved
How gap financing works: The equity gap ($102,238) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($29,495, 5% of purchase price) and a second mortgage for the rest ($72,743 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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