Loan Comparison: 2.8% vs 6.5%
2567 Cutters, Castle Rock, CO 80108 · 2bd/2ba · $385,000
List Price
$385,000
Assumable Rate
2.8%
Remaining Balance
$311,759
Equity Gap
$71,828
Loan Type
FHAAdjust Your Scenario
$19,250
$19,250$71,828
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.8% (FHA)
Blended Rate: 3.62%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,312/moAssumable @ 2.8% + gap loan
$1,685/moAssumed loan: $1,281/mo
Gap financing: $404/mo
$627less per month with the assumable
Your Savings on This Property
2567 Cutters, Castle Rock · 2.8% FHA vs 6.5% conventional
$627
per month
$7,518
per year
$225,543
over 30 years
$224,130
interest saved
How gap financing works: The equity gap ($71,828) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($19,250, 5% of purchase price) and a second mortgage for the rest ($52,578 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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