Loan Comparison: 2.84% vs 6.5%
1561 Olympia, Castle Rock, CO 80104 · 2bd/2ba · $349,999
List Price
$349,999
Assumable Rate
2.84%
Remaining Balance
$288,010
Equity Gap
$61,988
Loan Type
FHAAdjust Your Scenario
$17,500
$17,500$61,988
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.84% (FHA)
Blended Rate: 3.60%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,102/moAssumable @ 2.84% + gap loan
$1,532/moAssumed loan: $1,190/mo
Gap financing: $342/mo
$570less per month with the assumable
Your Savings on This Property
1561 Olympia, Castle Rock · 2.84% FHA vs 6.5% conventional
$570
per month
$6,840
per year
$205,198
over 30 years
$205,197
interest saved
How gap financing works: The equity gap ($61,988) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($17,500, 5% of purchase price) and a second mortgage for the rest ($44,488 at 8.5%). 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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