Oh, not to worry, we haven't actually set the price yet. (Remember that I'm buying this from me-and-my-parents-as-partnership. We'll be sitting down to discuss details next week in Maine.) I gave the mortgage company a ballpark figure of $400,000 to work with, but that's just a starting point. One thing I'd like to do is use part of the mortgage money to pay off my student loan since: A) the mortgage interest is deductible while my student loan interest isn't ('cause I earn too much); B) the amount I currently pay on my student loan per month is about twice the difference in monthly payments for the same amount as part of the mortgage (largely because the student loan is for a shorter term); C) it would simplify my life. If I did that, then I'd only have to come up with about another $500 per month than I currently am, which I can swing fairly easily.
I'll e-mail you with the specific loan terms they're offering and you can tell me if they're out of line. (Based on my on-line research, they look pretty good.)
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Date: 2005-12-14 04:47 am (UTC)I'll e-mail you with the specific loan terms they're offering and you can tell me if they're out of line. (Based on my on-line research, they look pretty good.)