Loan Comparison: 5.75% vs 6.5%
661 Shooks, Colorado Springs, CO 80903 · 2bd/2ba · $190,000
List Price
$190,000
Assumable Rate
5.75%
Remaining Balance
$52,955
Equity Gap
$137,384
Loan Type
FHAAdjust Your Scenario
$9,500
$9,500$137,384
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 5.75% (FHA)
Blended Rate: 7.69%
Monthly Payment Comparison
New Conventional @ 6.5%
$1,141/moAssumable @ 5.75% + gap loan
$1,292/moAssumed loan: $309/mo
Gap financing: $983/mo
Your Savings on This Property
661 Shooks, Colorado Springs · 5.75% FHA vs 6.5% conventional
$0
per month
$0
per year
$0
over 30 years
$0
interest saved
How gap financing works: The equity gap ($137,384) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($9,500, 5% of purchase price) and a second mortgage for the rest ($127,884 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.
🏠
Back to This Listing
View photos, details, and request a showing for 661 Shooks.
View Listing Details📈
Interested in This Home?
Get full loan details and schedule a showing. Free, no obligation.