Loan Comparison: 3.16% vs 6.5%
5721 Melody, Castle Rock, CO 80104 · 3bd/2ba · $465,000
List Price
$465,000
Assumable Rate
3.16%
Remaining Balance
$322,495
Equity Gap
$141,771
Loan Type
FHAAdjust Your Scenario
$23,250
$23,250$141,771
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.16% (FHA)
Blended Rate: 4.60%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,792/moAssumable @ 3.16% + gap loan
$2,299/moAssumed loan: $1,388/mo
Gap financing: $911/mo
$493less per month with the assumable
Your Savings on This Property
5721 Melody, Castle Rock · 3.16% FHA vs 6.5% conventional
$493
per month
$5,918
per year
$177,551
over 30 years
$176,817
interest saved
How gap financing works: The equity gap ($141,771) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($23,250, 5% of purchase price) and a second mortgage for the rest ($118,521 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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