Loan Comparison: 2.84% vs 6.5%
5849 Echo Park, Castle Rock, CO 80104 · 4bd/3ba · $680,000
List Price
$680,000
Assumable Rate
2.84%
Remaining Balance
$434,406
Equity Gap
$245,593
Loan Type
FHAAdjust Your Scenario
$34,000
$34,000$245,593
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.84% (FHA)
Blended Rate: 4.69%
Monthly Payment Comparison
New Conventional @ 6.5%
$4,083/moAssumable @ 2.84% + gap loan
$3,421/moAssumed loan: $1,794/mo
Gap financing: $1,627/mo
$662less per month with the assumable
Your Savings on This Property
5849 Echo Park, Castle Rock · 2.84% FHA vs 6.5% conventional
$662
per month
$7,944
per year
$238,317
over 30 years
$238,316
interest saved
How gap financing works: The equity gap ($245,593) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($34,000, 5% of purchase price) and a second mortgage for the rest ($211,593 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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