Loan Comparison: 2.76% vs 6.5%
5117 Coltin, Castle Rock, CO 80104 · 5bd/3ba · $660,000
List Price
$660,000
Assumable Rate
2.76%
Remaining Balance
$498,042
Equity Gap
$161,958
Loan Type
FHAAdjust Your Scenario
$33,000
$33,000$161,958
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.76% (FHA)
Blended Rate: 3.94%
Monthly Payment Comparison
New Conventional @ 6.5%
$3,963/moAssumable @ 2.76% + gap loan
$3,027/moAssumed loan: $2,036/mo
Gap financing: $992/mo
$936less per month with the assumable
Your Savings on This Property
5117 Coltin, Castle Rock · 2.76% FHA vs 6.5% conventional
$936
per month
$11,228
per year
$336,830
over 30 years
$336,830
interest saved
How gap financing works: The equity gap ($161,958) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($33,000, 5% of purchase price) and a second mortgage for the rest ($128,958 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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