Loan Comparison: 2.81% vs 6.5%
5088 Crestone, Castle Rock, CO 80104 · 4bd/3ba · $595,000
List Price
$595,000
Assumable Rate
2.81%
Remaining Balance
$372,922
Equity Gap
$222,925
Loan Type
FHAAdjust Your Scenario
$29,750
$29,750$222,925
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.81% (FHA)
Blended Rate: 4.75%
Monthly Payment Comparison
New Conventional @ 6.5%
$3,573/moAssumable @ 2.81% + gap loan
$3,020/moAssumed loan: $1,534/mo
Gap financing: $1,485/mo
$553less per month with the assumable
Your Savings on This Property
5088 Crestone, Castle Rock · 2.81% FHA vs 6.5% conventional
$553
per month
$6,637
per year
$199,122
over 30 years
$199,969
interest saved
How gap financing works: The equity gap ($222,925) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($29,750, 5% of purchase price) and a second mortgage for the rest ($193,175 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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