Loan Comparison: 4.17% vs 6.5%
8098 Grady, Castle Rock, CO 80108 · 6bd/5ba · $800,000
List Price
$800,000
Assumable Rate
4.17%
Remaining Balance
$412,253
Equity Gap
$388,761
Loan Type
FHAAdjust Your Scenario
$40,000
$40,000$388,761
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 4.17% (FHA)
Blended Rate: 6.15%
Monthly Payment Comparison
New Conventional @ 6.5%
$4,804/moAssumable @ 4.17% + gap loan
$4,690/moAssumed loan: $2,009/mo
Gap financing: $2,682/mo
$113less per month with the assumable
Your Savings on This Property
8098 Grady, Castle Rock · 4.17% FHA vs 6.5% conventional
$113
per month
$1,359
per year
$40,777
over 30 years
$41,791
interest saved
How gap financing works: The equity gap ($388,761) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($40,000, 5% of purchase price) and a second mortgage for the rest ($348,761 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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