Loan Comparison: 3.76% vs 6.5%
119 Pembrook, Castle Rock, CO 80104 · 3bd/1ba · $475,000
List Price
$475,000
Assumable Rate
3.76%
Remaining Balance
$402,475
Equity Gap
$87,945
Loan Type
FHAAdjust Your Scenario
$23,750
$23,750$87,945
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.76% (FHA)
Blended Rate: 4.41%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,852/moAssumable @ 3.76% + gap loan
$2,360/moAssumed loan: $1,866/mo
Gap financing: $494/mo
$492less per month with the assumable
Your Savings on This Property
119 Pembrook, Castle Rock · 3.76% FHA vs 6.5% conventional
$492
per month
$5,909
per year
$177,262
over 30 years
$192,682
interest saved
How gap financing works: The equity gap ($87,945) 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 ($64,195 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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