Loan Comparison: 3.34% vs 6.5%
7132 Bandit, Castle Rock, CO 80108 · 5bd/5ba · $835,000
List Price
$835,000
Assumable Rate
3.34%
Remaining Balance
$461,785
Equity Gap
$374,248
Loan Type
FHAAdjust Your Scenario
$41,750
$41,750$374,248
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.34% (FHA)
Blended Rate: 5.50%
Monthly Payment Comparison
New Conventional @ 6.5%
$5,014/moAssumable @ 3.34% + gap loan
$4,589/moAssumed loan: $2,033/mo
Gap financing: $2,557/mo
$425less per month with the assumable
Your Savings on This Property
7132 Bandit, Castle Rock · 3.34% FHA vs 6.5% conventional
$425
per month
$5,096
per year
$152,877
over 30 years
$153,910
interest saved
How gap financing works: The equity gap ($374,248) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($41,750, 5% of purchase price) and a second mortgage for the rest ($332,498 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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