Loan Comparison: 5.23% vs 6.5%
771 Bishop Pine, Castle Rock, CO 80104 · 4bd/3ba · $519,900
List Price
$519,900
Assumable Rate
5.23%
Remaining Balance
$444,434
Equity Gap
$74,161
Loan Type
FHAAdjust Your Scenario
$25,995
$25,995$74,161
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 5.23% (FHA)
Blended Rate: 5.55%
Monthly Payment Comparison
New Conventional @ 6.5%
$3,122/moAssumable @ 5.23% + gap loan
$2,819/moAssumed loan: $2,449/mo
Gap financing: $370/mo
$303less per month with the assumable
Your Savings on This Property
771 Bishop Pine, Castle Rock · 5.23% FHA vs 6.5% conventional
$303
per month
$3,633
per year
$109,002
over 30 years
$107,697
interest saved
How gap financing works: The equity gap ($74,161) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($25,995, 5% of purchase price) and a second mortgage for the rest ($48,166 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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