Loan Comparison: 2.94% vs 6.5%
5972 High Timber, Castle Rock, CO 80104 · 5bd/4ba · $649,000
List Price
$649,000
Assumable Rate
2.94%
Remaining Balance
$508,107
Equity Gap
$139,768
Loan Type
FHAAdjust Your Scenario
$32,450
$32,450$139,768
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.94% (FHA)
Blended Rate: 3.91%
Monthly Payment Comparison
New Conventional @ 6.5%
$3,897/moAssumable @ 2.94% + gap loan
$2,951/moAssumed loan: $2,126/mo
Gap financing: $825/mo
$946less per month with the assumable
Your Savings on This Property
5972 High Timber, Castle Rock · 2.94% FHA vs 6.5% conventional
$946
per month
$11,352
per year
$340,574
over 30 years
$339,449
interest saved
How gap financing works: The equity gap ($139,768) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($32,450, 5% of purchase price) and a second mortgage for the rest ($107,318 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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