Loan Comparison: 4.17% vs 6.5%
5789 Echo Park, Castle Rock, CO 80104 · 6bd/3ba · $650,000
List Price
$650,000
Assumable Rate
4.17%
Remaining Balance
$582,144
Equity Gap
$67,855
Loan Type
FHAAdjust Your Scenario
$32,500
$32,500$67,855
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 4.17% (FHA)
Blended Rate: 4.42%
Monthly Payment Comparison
New Conventional @ 6.5%
$3,903/moAssumable @ 4.17% + gap loan
$3,108/moAssumed loan: $2,837/mo
Gap financing: $272/mo
$795less per month with the assumable
Your Savings on This Property
5789 Echo Park, Castle Rock · 4.17% FHA vs 6.5% conventional
$795
per month
$9,535
per year
$286,045
over 30 years
$286,044
interest saved
How gap financing works: The equity gap ($67,855) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($32,500, 5% of purchase price) and a second mortgage for the rest ($35,355 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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