Loan Comparison: 4.07% vs 6.5%
949 Mountain View, Castle Rock, CO 80104 · 4bd/3ba · $589,000
List Price
$589,000
Assumable Rate
4.07%
Remaining Balance
$342,949
Equity Gap
$244,602
Loan Type
FHAAdjust Your Scenario
$29,450
$29,450$244,602
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 4.07% (FHA)
Blended Rate: 5.78%
Monthly Payment Comparison
New Conventional @ 6.5%
$3,537/moAssumable @ 4.07% + gap loan
$3,305/moAssumed loan: $1,651/mo
Gap financing: $1,654/mo
$231less per month with the assumable
Your Savings on This Property
949 Mountain View, Castle Rock · 4.07% FHA vs 6.5% conventional
$231
per month
$2,775
per year
$83,247
over 30 years
$81,798
interest saved
How gap financing works: The equity gap ($244,602) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($29,450, 5% of purchase price) and a second mortgage for the rest ($215,152 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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