I've been offered 3% interest over 30 years...but don't know how to figure out what my monthly payments will be, and if I can afford them. Also don't know if it's possible to even do this legally in Oregon.I'm interested in buying a home on a land contract in Oregon. Is this legal? How do I figure the interest?
Land contracts generally mean you don't get title until you've paid in full, so you lack many legal protections (except such as the state law provides). And fees and costs can be high, as well as risk.
Figuring out payments over 30 years at 3% is easy -- use a Web site for mortgage amortization, or a table already on your computer, for spreadsheets, etc. Here's one:
http://www.bankrate.com/brm/amortization鈥?/a>
Tip: if you don't know what you're doing, don't do it. Find out first; ask a lawyer.
I'm not licensed in Oregon and I'm too slothful to look up Oregon law. But the economics of this look funny: why 3%? That's the normal mortgage interest rate in Swiss Francs, not for US dollars.I'm interested in buying a home on a land contract in Oregon. Is this legal? How do I figure the interest?
yes its called a land sales contract,,,get an ammortization chart to figure interest,,better grab it 3% is unheard of,,what part of oregon?
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment