Loan Comparison: 4.15% vs 6.5%
1326 Sierra, Castle Rock, CO 80104 · 4bd/2ba · $415,000
List Price
$415,000
Assumable Rate
4.15%
Remaining Balance
$217,832
Equity Gap
$197,168
Loan Type
FHAAdjust Your Scenario
$20,750
$20,750$197,168
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 4.15% (FHA)
Blended Rate: 6.10%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,492/moAssumable @ 4.15% + gap loan
$2,415/moAssumed loan: $1,059/mo
Gap financing: $1,357/mo
$77less per month with the assumable
Your Savings on This Property
1326 Sierra, Castle Rock · 4.15% FHA vs 6.5% conventional
$77
per month
$918
per year
$27,554
over 30 years
$27,554
interest saved
How gap financing works: The equity gap ($197,168) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($20,750, 5% of purchase price) and a second mortgage for the rest ($176,418 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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