Loan Comparison: 5.23% vs 6.5%
771 Bishop Pine, Castle Rock, CO 80104 · 4bd/3ba · $529,900
List Price
$529,900
Assumable Rate
5.23%
Remaining Balance
$445,088
Equity Gap
$84,812
Loan Type
FHAAdjust Your Scenario
$26,495
$26,495$84,812
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 5.23% (FHA)
Blended Rate: 5.61%
Monthly Payment Comparison
New Conventional @ 6.5%
$3,182/moAssumable @ 5.23% + gap loan
$2,901/moAssumed loan: $2,452/mo
Gap financing: $448/mo
$281less per month with the assumable
Your Savings on This Property
771 Bishop Pine, Castle Rock · 5.23% FHA vs 6.5% conventional
$281
per month
$3,374
per year
$101,222
over 30 years
$101,222
interest saved
How gap financing works: The equity gap ($84,812) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($26,495, 5% of purchase price) and a second mortgage for the rest ($58,317 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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