Loan Comparison: 2.81% vs 6.5%
87 Peabody, Castle Rock, CO 80104 · 3bd/3ba · $550,000
List Price
$550,000
Assumable Rate
2.81%
Remaining Balance
$442,198
Equity Gap
$170,727
Loan Type
FHAAdjust Your Scenario
$27,500
$27,500$170,727
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.81% (FHA)
Blended Rate: 4.20%
Monthly Payment Comparison
New Conventional @ 6.5%
$3,303/moAssumable @ 2.81% + gap loan
$2,921/moAssumed loan: $1,819/mo
Gap financing: $1,101/mo
$382less per month with the assumable
Your Savings on This Property
87 Peabody, Castle Rock · 2.81% FHA vs 6.5% conventional
$382
per month
$4,583
per year
$137,500
over 30 years
$200,425
interest saved
How gap financing works: The equity gap ($170,727) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($27,500, 5% of purchase price) and a second mortgage for the rest ($143,227 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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