Loan Comparison: 3.16% vs 6.5%
5721 Melody, Castle Rock, CO 80104 · 3bd/2ba · $475,000
List Price
$475,000
Assumable Rate
3.16%
Remaining Balance
$364,413
Equity Gap
$151,771
Loan Type
FHAAdjust Your Scenario
$23,750
$23,750$151,771
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.16% (FHA)
Blended Rate: 4.55%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,852/moAssumable @ 3.16% + gap loan
$2,552/moAssumed loan: $1,568/mo
Gap financing: $984/mo
$300less per month with the assumable
Your Savings on This Property
5721 Melody, Castle Rock · 3.16% FHA vs 6.5% conventional
$300
per month
$3,598
per year
$107,940
over 30 years
$149,124
interest saved
How gap financing works: The equity gap ($151,771) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($23,750, 5% of purchase price) and a second mortgage for the rest ($128,021 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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