Loan Comparison: 3.45% vs 6.5%
1140 Preble, Castle Rock, CO 80104 · 3bd/2ba · $605,000
List Price
$605,000
Assumable Rate
3.45%
Remaining Balance
$452,727
Equity Gap
$153,180
Loan Type
FHAAdjust Your Scenario
$30,250
$30,250$153,180
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.45% (FHA)
Blended Rate: 4.53%
Monthly Payment Comparison
New Conventional @ 6.5%
$3,633/moAssumable @ 3.45% + gap loan
$2,966/moAssumed loan: $2,020/mo
Gap financing: $945/mo
$667less per month with the assumable
Your Savings on This Property
1140 Preble, Castle Rock · 3.45% FHA vs 6.5% conventional
$667
per month
$8,007
per year
$240,211
over 30 years
$241,118
interest saved
How gap financing works: The equity gap ($153,180) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($30,250, 5% of purchase price) and a second mortgage for the rest ($122,930 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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