Loan Comparison: 2.96% vs 6.5%
990 Quarterhorse, Castle Rock, CO 80104 · 4bd/3ba · $600,000
List Price
$600,000
Assumable Rate
2.96%
Remaining Balance
$322,347
Equity Gap
$277,653
Loan Type
FHAAdjust Your Scenario
$30,000
$30,000$277,653
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.96% (FHA)
Blended Rate: 5.37%
Monthly Payment Comparison
New Conventional @ 6.5%
$3,603/moAssumable @ 2.96% + gap loan
$3,256/moAssumed loan: $1,352/mo
Gap financing: $1,904/mo
$346less per month with the assumable
Your Savings on This Property
990 Quarterhorse, Castle Rock · 2.96% FHA vs 6.5% conventional
$346
per month
$4,158
per year
$124,728
over 30 years
$124,728
interest saved
How gap financing works: The equity gap ($277,653) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($30,000, 5% of purchase price) and a second mortgage for the rest ($247,653 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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