Loan Comparison: 3.8% vs 6.5%
218 Ardmore, Castle Rock, CO 80104 · 3bd/3ba · $550,000
List Price
$550,000
Assumable Rate
3.8%
Remaining Balance
$326,670
Equity Gap
$222,606
Loan Type
FHAAdjust Your Scenario
$27,500
$27,500$222,606
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.8% (FHA)
Blended Rate: 5.56%
Monthly Payment Comparison
New Conventional @ 6.5%
$3,303/moAssumable @ 3.8% + gap loan
$3,022/moAssumed loan: $1,522/mo
Gap financing: $1,500/mo
$280less per month with the assumable
Your Savings on This Property
218 Ardmore, Castle Rock · 3.8% FHA vs 6.5% conventional
$280
per month
$3,363
per year
$100,878
over 30 years
$100,154
interest saved
How gap financing works: The equity gap ($222,606) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($27,500, 5% of purchase price) and a second mortgage for the rest ($195,106 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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