Loan Comparison: 3.45% vs 6.5%
6009 Castlegate, Castle Rock, CO 80108 · 2bd/2ba · $349,800
List Price
$349,800
Assumable Rate
3.45%
Remaining Balance
$150,175
Equity Gap
$198,628
Loan Type
FHAAdjust Your Scenario
$17,490
$17,490$198,628
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.45% (FHA)
Blended Rate: 6.21%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,100/moAssumable @ 3.45% + gap loan
$2,063/moAssumed loan: $670/mo
Gap financing: $1,393/mo
$37less per month with the assumable
Your Savings on This Property
6009 Castlegate, Castle Rock · 3.45% FHA vs 6.5% conventional
$37
per month
$450
per year
$13,486
over 30 years
$12,489
interest saved
How gap financing works: The equity gap ($198,628) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($17,490, 5% of purchase price) and a second mortgage for the rest ($181,138 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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