Loan Comparison: 2.71% vs 6.5%
212 Oman, Castle Rock, CO 80104 · 2bd/3ba · $380,000
List Price
$380,000
Assumable Rate
2.71%
Remaining Balance
$262,964
Equity Gap
$117,035
Loan Type
FHAAdjust Your Scenario
$19,000
$19,000$117,035
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.71% (FHA)
Blended Rate: 4.28%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,282/moAssumable @ 2.71% + gap loan
$1,822/moAssumed loan: $1,068/mo
Gap financing: $754/mo
$460less per month with the assumable
Your Savings on This Property
212 Oman, Castle Rock · 2.71% FHA vs 6.5% conventional
$460
per month
$5,520
per year
$165,599
over 30 years
$165,598
interest saved
How gap financing works: The equity gap ($117,035) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($19,000, 5% of purchase price) and a second mortgage for the rest ($98,035 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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