Loan Comparison: 2.18% vs 6.5%
6700 Mentha, Castle Rock, CO 80108 · 4bd/4ba · $915,000
List Price
$915,000
Assumable Rate
2.18%
Remaining Balance
$350,868
Equity Gap
$559,227
Loan Type
FHAAdjust Your Scenario
$45,750
$45,750$559,227
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.18% (FHA)
Blended Rate: 5.93%
Monthly Payment Comparison
New Conventional @ 6.5%
$5,494/moAssumable @ 2.18% + gap loan
$5,277/moAssumed loan: $1,329/mo
Gap financing: $3,948/mo
$217less per month with the assumable
Your Savings on This Property
6700 Mentha, Castle Rock · 2.18% FHA vs 6.5% conventional
$217
per month
$2,608
per year
$78,254
over 30 years
$73,349
interest saved
How gap financing works: The equity gap ($559,227) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($45,750, 5% of purchase price) and a second mortgage for the rest ($513,477 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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