Loan Comparison: 3.76% vs 6.5%
119 Pembrook, Castle Rock, CO 80104 · 3bd/1ba · $480,000
List Price
$480,000
Assumable Rate
3.76%
Remaining Balance
$388,522
Equity Gap
$90,748
Loan Type
FHAAdjust Your Scenario
$24,000
$24,000$90,748
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.76% (FHA)
Blended Rate: 4.45%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,882/moAssumable @ 3.76% + gap loan
$2,315/moAssumed loan: $1,802/mo
Gap financing: $513/mo
$567less per month with the assumable
Your Savings on This Property
119 Pembrook, Castle Rock · 3.76% FHA vs 6.5% conventional
$567
per month
$6,810
per year
$204,294
over 30 years
$203,564
interest saved
How gap financing works: The equity gap ($90,748) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($24,000, 5% of purchase price) and a second mortgage for the rest ($66,748 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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