How do I calculate mortgage payments when buying a home from a family member?

Y? asked:


We are thinking of purchasing a house from my father. Instead of using a mortgage broker or bank, he suggested using a lawyer to set up monthly mortgage payments directly to him. We would still buy the house, and it would be in our names, not renting. How are payments like this calculated? Also, it seems this gives us flexibility and saves us money, but isn’t as secure. What are the specific down-sides to this?

Laurel MD Homes


Comments (3)    Posted in Renting & Real Estate    

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3 Responses to 'How do I calculate mortgage payments when buying a home from a family member?'

  1. manas p - April 6th, 2009 at 4:31 am

    Flathead lake real estate

    It’s true.. it is not very secure method.

  2. Adier - April 9th, 2009 at 6:23 am

    Commercial Real Estate San Diego

    Not much idea but all I know is mortgage calculators c an help you?

  3. HIGH SHAMAN - April 10th, 2009 at 3:32 am

    San Jose Costa Rica Private Investigator

    Go thru a Title Company for the closing and have them prepare a amoritization schedule for you …..