Loan Comparison: 2.71% vs 6.5%
1486 Nemrick Place, Castle Rock, CO 80109 · 3bd/3ba · $419,000
List Price
$419,000
Assumable Rate
2.71%
Remaining Balance
$245,816
Equity Gap
$173,184
Loan Type
FHAAdjust Your Scenario
$20,950
$20,950$173,184
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.71% (FHA)
Blended Rate: 4.54%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,516/moAssumable @ 2.71% + gap loan
$2,063/moAssumed loan: $998/mo
Gap financing: $1,064/mo
$453less per month with the assumable
Your Savings on This Property
1486 Nemrick Place, Castle Rock · 2.71% FHA vs 6.5% conventional
$453
per month
$5,438
per year
$163,146
over 30 years
$163,146
interest saved
How gap financing works: The equity gap ($173,184) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($20,950, 5% of purchase price) and a second mortgage for the rest ($152,234 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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