Loan Comparison: 2.94% vs 6.5%
6393 Agave, Castle Rock, CO 80108 · 3bd/2ba · $612,500
List Price
$612,500
Assumable Rate
2.94%
Remaining Balance
$525,820
Equity Gap
$87,836
Loan Type
FHAAdjust Your Scenario
$30,625
$30,625$87,836
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.94% (FHA)
Blended Rate: 3.49%
Monthly Payment Comparison
New Conventional @ 6.5%
$3,678/moAssumable @ 2.94% + gap loan
$2,640/moAssumed loan: $2,200/mo
Gap financing: $440/mo
$1,038less per month with the assumable
Your Savings on This Property
6393 Agave, Castle Rock · 2.94% FHA vs 6.5% conventional
$1,038
per month
$12,457
per year
$373,696
over 30 years
$374,852
interest saved
How gap financing works: The equity gap ($87,836) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($30,625, 5% of purchase price) and a second mortgage for the rest ($57,211 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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