Loan Comparison: 2.875% vs 6.5%
7514 Blue Water, Castle Rock, CO 80108 · 6bd/4ba · $749,000
List Price
$749,000
Assumable Rate
2.875%
Remaining Balance
$571,489
Equity Gap
$200,589
Loan Type
FHAAdjust Your Scenario
$37,450
$37,450$200,589
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.875% (FHA)
Blended Rate: 4.12%
Monthly Payment Comparison
New Conventional @ 6.5%
$4,497/moAssumable @ 2.875% + gap loan
$3,625/moAssumed loan: $2,371/mo
Gap financing: $1,254/mo
$872less per month with the assumable
Your Savings on This Property
7514 Blue Water, Castle Rock · 2.875% FHA vs 6.5% conventional
$872
per month
$10,464
per year
$313,926
over 30 years
$337,004
interest saved
How gap financing works: The equity gap ($200,589) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($37,450, 5% of purchase price) and a second mortgage for the rest ($163,139 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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