Loan Comparison: 5.98% vs 6.5%
4242 Opal, Castle Rock, CO 80104 · 4bd/3ba · $730,000
List Price
$730,000
Assumable Rate
5.98%
Remaining Balance
$627,856
Equity Gap
$117,293
Loan Type
FHAAdjust Your Scenario
$36,500
$36,500$117,293
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 5.98% (FHA)
Blended Rate: 6.27%
Monthly Payment Comparison
New Conventional @ 6.5%
$4,383/moAssumable @ 5.98% + gap loan
$4,377/moAssumed loan: $3,756/mo
Gap financing: $621/mo
$6less per month with the assumable
Your Savings on This Property
4242 Opal, Castle Rock · 5.98% FHA vs 6.5% conventional
$6
per month
$71
per year
$2,131
over 30 years
$17,280
interest saved
How gap financing works: The equity gap ($117,293) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($36,500, 5% of purchase price) and a second mortgage for the rest ($80,793 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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