Loan Comparison: 4.14% vs 6.5%
2450 Garganey, Castle Rock, CO 80104 · 4bd/3ba · $616,000
List Price
$616,000
Assumable Rate
4.14%
Remaining Balance
$391,206
Equity Gap
$261,326
Loan Type
FHAAdjust Your Scenario
$30,800
$30,800$261,326
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 4.14% (FHA)
Blended Rate: 5.76%
Monthly Payment Comparison
New Conventional @ 6.5%
$3,699/moAssumable @ 4.14% + gap loan
$3,672/moAssumed loan: $1,899/mo
Gap financing: $1,773/mo
$27less per month with the assumable
Your Savings on This Property
2450 Garganey, Castle Rock · 4.14% FHA vs 6.5% conventional
$27
per month
$323
per year
$9,694
over 30 years
$46,226
interest saved
How gap financing works: The equity gap ($261,326) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($30,800, 5% of purchase price) and a second mortgage for the rest ($230,526 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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