Loan Comparison: 2.84% vs 6.5%
5849 Echo Park, Castle Rock, CO 80104 · 4bd/3ba · $635,000
List Price
$635,000
Assumable Rate
2.84%
Remaining Balance
$433,451
Equity Gap
$200,593
Loan Type
FHAAdjust Your Scenario
$31,750
$31,750$200,593
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.84% (FHA)
Blended Rate: 4.43%
Monthly Payment Comparison
New Conventional @ 6.5%
$3,813/moAssumable @ 2.84% + gap loan
$3,089/moAssumed loan: $1,790/mo
Gap financing: $1,298/mo
$724less per month with the assumable
Your Savings on This Property
5849 Echo Park, Castle Rock · 2.84% FHA vs 6.5% conventional
$724
per month
$8,693
per year
$260,797
over 30 years
$259,841
interest saved
How gap financing works: The equity gap ($200,593) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($31,750, 5% of purchase price) and a second mortgage for the rest ($168,843 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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