Loan Comparison: 3.23% vs 6.5%
2108 Oakcrest, Castle Rock, CO 80104 · 2bd/2ba · $340,000
List Price
$340,000
Assumable Rate
3.23%
Remaining Balance
$232,871
Equity Gap
$115,581
Loan Type
FHAAdjust Your Scenario
$17,000
$17,000$115,581
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.23% (FHA)
Blended Rate: 4.80%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,042/moAssumable @ 3.23% + gap loan
$1,769/moAssumed loan: $1,011/mo
Gap financing: $758/mo
$273less per month with the assumable
Your Savings on This Property
2108 Oakcrest, Castle Rock · 3.23% FHA vs 6.5% conventional
$273
per month
$3,272
per year
$98,158
over 30 years
$106,610
interest saved
How gap financing works: The equity gap ($115,581) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($17,000, 5% of purchase price) and a second mortgage for the rest ($98,581 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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