Loan Comparison: 2.8% vs 6.5%
287 Vista Cliff, Castle Rock, CO 80104 · 3bd/3ba · $599,900
List Price
$599,900
Assumable Rate
2.8%
Remaining Balance
$548,022
Equity Gap
$111,127
Loan Type
FHAAdjust Your Scenario
$29,995
$29,995$111,127
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.8% (FHA)
Blended Rate: 3.54%
Monthly Payment Comparison
New Conventional @ 6.5%
$3,602/moAssumable @ 2.8% + gap loan
$2,876/moAssumed loan: $2,252/mo
Gap financing: $624/mo
$727less per month with the assumable
Your Savings on This Property
287 Vista Cliff, Castle Rock · 2.8% FHA vs 6.5% conventional
$727
per month
$8,719
per year
$261,562
over 30 years
$320,811
interest saved
How gap financing works: The equity gap ($111,127) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($29,995, 5% of purchase price) and a second mortgage for the rest ($81,132 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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