Loan Comparison: 2.74% vs 6.5%
607 Branding Iron, Castle Rock, CO 80104 · 5bd/4ba · $560,000
List Price
$560,000
Assumable Rate
2.74%
Remaining Balance
$367,507
Equity Gap
$192,493
Loan Type
FHAAdjust Your Scenario
$28,000
$28,000$192,493
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.74% (FHA)
Blended Rate: 4.52%
Monthly Payment Comparison
New Conventional @ 6.5%
$3,363/moAssumable @ 2.74% + gap loan
$2,763/moAssumed loan: $1,498/mo
Gap financing: $1,265/mo
$599less per month with the assumable
Your Savings on This Property
607 Branding Iron, Castle Rock · 2.74% FHA vs 6.5% conventional
$599
per month
$7,193
per year
$215,793
over 30 years
$215,793
interest saved
How gap financing works: The equity gap ($192,493) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($28,000, 5% of purchase price) and a second mortgage for the rest ($164,493 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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