Loan Comparison: 2.94% vs 6.5%
5972 High Timber, Castle Rock, CO 80104 · 5bd/4ba · $665,000
List Price
$665,000
Assumable Rate
2.94%
Remaining Balance
$510,353
Equity Gap
$154,646
Loan Type
FHAAdjust Your Scenario
$33,250
$33,250$154,646
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.94% (FHA)
Blended Rate: 4.01%
Monthly Payment Comparison
New Conventional @ 6.5%
$3,993/moAssumable @ 2.94% + gap loan
$3,069/moAssumed loan: $2,135/mo
Gap financing: $933/mo
$924less per month with the assumable
Your Savings on This Property
5972 High Timber, Castle Rock · 2.94% FHA vs 6.5% conventional
$924
per month
$11,094
per year
$332,809
over 30 years
$332,808
interest saved
How gap financing works: The equity gap ($154,646) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($33,250, 5% of purchase price) and a second mortgage for the rest ($121,396 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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