Loan Comparison: 2.8% vs 6.5%
2567 Cutters, Castle Rock, CO 80108 · 2bd/2ba · $389,000
List Price
$389,000
Assumable Rate
2.8%
Remaining Balance
$312,466
Equity Gap
$76,533
Loan Type
FHAAdjust Your Scenario
$19,450
$19,450$76,533
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.8% (FHA)
Blended Rate: 3.68%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,336/moAssumable @ 2.8% + gap loan
$1,723/moAssumed loan: $1,284/mo
Gap financing: $439/mo
$613less per month with the assumable
Your Savings on This Property
2567 Cutters, Castle Rock · 2.8% FHA vs 6.5% conventional
$613
per month
$7,356
per year
$220,674
over 30 years
$220,673
interest saved
How gap financing works: The equity gap ($76,533) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($19,450, 5% of purchase price) and a second mortgage for the rest ($57,083 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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