Loan Comparison: 2.8% vs 6.5%
409 Lockwood, Castle Rock, CO 80104 · 4bd/4ba · $595,000
List Price
$595,000
Assumable Rate
2.8%
Remaining Balance
$399,235
Equity Gap
$195,765
Loan Type
FHAAdjust Your Scenario
$29,750
$29,750$195,765
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.8% (FHA)
Blended Rate: 4.47%
Monthly Payment Comparison
New Conventional @ 6.5%
$3,573/moAssumable @ 2.8% + gap loan
$2,917/moAssumed loan: $1,640/mo
Gap financing: $1,277/mo
$656less per month with the assumable
Your Savings on This Property
409 Lockwood, Castle Rock · 2.8% FHA vs 6.5% conventional
$656
per month
$7,870
per year
$236,095
over 30 years
$236,095
interest saved
How gap financing works: The equity gap ($195,765) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($29,750, 5% of purchase price) and a second mortgage for the rest ($166,015 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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