Loan Comparison: 4.96% vs 6.5%
3572 Elk Run Drive, Castle Rock, CO 80109 · 5bd/4ba · $900,000
List Price
$900,000
Assumable Rate
4.96%
Remaining Balance
$762,878
Equity Gap
$137,121
Loan Type
FHAAdjust Your Scenario
$45,000
$45,000$137,121
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 4.96% (FHA)
Blended Rate: 5.23%
Monthly Payment Comparison
New Conventional @ 6.5%
$5,404/moAssumable @ 4.96% + gap loan
$4,721/moAssumed loan: $4,077/mo
Gap financing: $644/mo
$683less per month with the assumable
Your Savings on This Property
3572 Elk Run Drive, Castle Rock · 4.96% FHA vs 6.5% conventional
$683
per month
$8,201
per year
$246,022
over 30 years
$246,021
interest saved
How gap financing works: The equity gap ($137,121) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($45,000, 5% of purchase price) and a second mortgage for the rest ($92,121 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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