Loan Comparison: 4.17% vs 6.5%
5789 Echo Park, Castle Rock, CO 80104 · 6bd/3ba · $639,900
List Price
$639,900
Assumable Rate
4.17%
Remaining Balance
$581,129
Equity Gap
$57,755
Loan Type
FHAAdjust Your Scenario
$31,995
$31,995$57,755
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 4.17% (FHA)
Blended Rate: 4.35%
Monthly Payment Comparison
New Conventional @ 6.5%
$3,842/moAssumable @ 4.17% + gap loan
$3,030/moAssumed loan: $2,832/mo
Gap financing: $198/mo
$813less per month with the assumable
Your Savings on This Property
5789 Echo Park, Castle Rock · 4.17% FHA vs 6.5% conventional
$813
per month
$9,752
per year
$292,553
over 30 years
$291,537
interest saved
How gap financing works: The equity gap ($57,755) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($31,995, 5% of purchase price) and a second mortgage for the rest ($25,760 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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