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

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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?

Robert
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    • This entry was posted on Sunday, January 4th, 2009 at 12:06 pm and is filed under mortgages. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.

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

    1. manas p Says:
      January 6th, 2009 at 1:43 am

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

    2. Adier Says:
      January 7th, 2009 at 2:32 pm

      Mortgage calculators an help you httpwwwmortgagecalccom httprealestateozfreeonlinecom.
      An help you httpwwwmortgagecalccom httprealestateozfreeonlinecom.

    3. HIGH SHAMAN Says:
      January 10th, 2009 at 12:46 am

      The closing and have them prepare amoritization schedule for you.
      For the closing and have them prepare amoritization schedule for the closing and have them prepare amoritization schedule for you.
      The closing and have them prepare amoritization schedule for the closing and have them prepare amoritization schedule for the closing and have them prepare amoritization.