Loan Comparison: 2.71% vs 6.5%
212 Oman, Castle Rock, CO 80104 · 2bd/3ba · $385,000
List Price
$385,000
Assumable Rate
2.71%
Remaining Balance
$263,585
Equity Gap
$121,414
Loan Type
FHAAdjust Your Scenario
$19,250
$19,250$121,414
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.71% (FHA)
Blended Rate: 4.33%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,312/moAssumable @ 2.71% + gap loan
$1,856/moAssumed loan: $1,070/mo
Gap financing: $786/mo
$456less per month with the assumable
Your Savings on This Property
212 Oman, Castle Rock · 2.71% FHA vs 6.5% conventional
$456
per month
$5,469
per year
$164,070
over 30 years
$164,069
interest saved
How gap financing works: The equity gap ($121,414) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($19,250, 5% of purchase price) and a second mortgage for the rest ($102,164 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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