Mahon Homes
JUST LISTED
2381 Burke Road
Howell Twp, MI 48836
List Price
$425,000
3 Bed · 2.5 Bath Single-Family
Get Pre-Qualified
Kevin Mahon
Mahon Homes Lic #451932 · Kevin Mahon Lic #332507
"Helping Livingston-area buyers find homes they love — and can actually afford."
Call / Text
(248) 459-2774
Email
kevin@mahonhomes.com
Four Ways to Own This Home
Estimated payments — Conventional at 6.500%, USDA at 6.000%, 30-year fixed, 740 FICO, owner-occupied primary residence
Down Payment
$0
USDA Rural Development · 100% financing
Loan Amount (incl. 1% fee)$429,250
Principal & Interest$2,574
USDA Annual Fee$124
Property Taxes$415
Homeowners Insurance$100
Total Monthly$3,213
Your Monthly Payment
$3,213
APR 6.473%
Down Payment
5%
$21,250
Loan Amount$403,750
Principal & Interest$2,552
Mortgage Insurance$97
Property Taxes$415
Homeowners Insurance$100
Total Monthly$3,164
Your Monthly Payment
$3,164
APR 6.898%
Down Payment
10%
$42,500
Loan Amount$382,500
Principal & Interest$2,418
Mortgage Insurance$67
Property Taxes$415
Homeowners Insurance$100
Total Monthly$3,000
Your Monthly Payment
$3,000
APR 6.820%
Down Payment
20%
$85,000
Loan Amount$340,000
Principal & Interest$2,149
Mortgage Insurance$0
Property Taxes$415
Homeowners Insurance$100
Total Monthly$2,664
Your Monthly Payment
$2,664
APR 6.695%
USDA = $0 down at a lower rate: USDA typically prices below conventional (shown here at 6.000% vs 6.500%), so even financing 100% of the price the payment lands right around the 5%-down conventional option — without the $21,250 out of pocket. Conventional still wins if you want to put money down: 20% down skips mortgage insurance entirely. Pick the trade-off that matches your goals.
USDA eligibility — two things must check out: (1) the property has to sit in a USDA-eligible rural area, and (2) total household income must fall within USDA limits for Livingston County (2026: roughly $119,850 for a 1–4 person household, $158,250 for 5–8). Verify the address on the USDA eligibility map or ask Rob to confirm both before counting on it.
Mortgage Insurance (MI): Required on conventional loans with LTV greater than 80%. Auto-cancels at 78% LTV per the Homeowners Protection Act. The 20% down scenario has no MI. USDA has no monthly MI — instead it carries a 0.35% annual guarantee fee (shown above) plus a one-time 1% upfront fee financed into the loan.
Run Your Own Numbers
Adjust the down payment, rate, or price — see your payment update live.

Estimated Monthly Payment

Loan Amount$205,105
Principal & Interest$1,263
Mortgage Insurance$51
Property Taxes (est)$200
Insurance (est)$90
HOA Dues$0
Total Monthly$1,829
Cash to Close (est): $18,306 — covers down payment + closing costs. Talk to Rob about credits, gift funds, and DPA programs.
The Cost of Waiting
"I'll wait for rates to drop" is the most expensive sentence in real estate. Here's the math.
Scenario Buy Today Wait 6 months Wait 1 year Wait 2 years Wait 3 years
Property Value (3.5% appreciation estimate)$425,000$432,374 ▲ 1.7%$439,875 ▲ 3.5%$455,271 ▲ 7.1%$471,205 ▲ 10.9%
Down Payment Needed (5%)$21,250$21,619$21,994$22,764$23,560
P&I + MI Payment$2,649$2,649$2,649$2,649$2,649
Lost Appreciation—$7,374$14,875$30,271$46,205
Lost Equity Build-up—$2,220$4,513$9,328$14,465
TOTAL COST OF WAITING$0$9,593$19,388$39,598$60,670
Reading this table: Even if rates drop and your monthly payment ends up roughly the same, the home costs more, your down payment grows, and you've missed the equity you would have built. The "wait until rates drop" play almost never pencils out.
5 Years from Now
What does owning this home actually do for your finances? Here's the wealth picture vs. continuing to rent.
IF YOU BUY
Net Wealth Position in 5 Years
+$105,562
Total equity built in this home
Home value (3.5% annual) $504,767
Loan balance after 60 payments $377,954
= Total equity $126,812
Less initial down payment −$21,250
Net wealth gain +$105,562
IF YOU RENT
Net Wealth Position in 5 Years
-$152,903
Money paid to a landlord, none of it back
Year 1 rent ($2400/mo × 12) $28,800
Years 1–5 rent (3% annual increase) $152,903
Equity built $0
Tax benefits $0
Net wealth gain -$152,903
5-Year Wealth Swing: Buying vs Renting
$258,465
That's the difference between building wealth and watching it walk out the door each month.
Estimate based on 3.5% annual appreciation (Livingston County single-family long-run average), 3% annual rent increases, $2400/mo starting rent (estimated rent Howell Twp area). Tax benefits not included. Actual results vary.
Financing Made Simple
Backed by McKenney Home Lending — a Michigan-licensed mortgage broker partnering with Mahon Homes to make affordable homeownership real.
Rob McKenney
Owner / Mortgage Broker · McKenney Home Lending
"My job is to make sure the path to ownership is honest, fast, and built around your situation. We'll figure it out!"
NMLS #23394 · Company NMLS #2497854
Apply Now Schedule a Call
Equal Housing Lender · Mahon Homes (Brokerage Lic #451932) · Kevin Mahon (Lic #332507) · Rob McKenney NMLS #23394 · McKenney Home Lending NMLS #2497854
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McKenney Home Lending is a licensed Michigan mortgage broker (NMLS 2497854). Rates and payment scenarios shown are based on a $425,000 owner-occupied single-family purchase in Howell Twp (Livingston County), MI, 740 FICO, 30-year fixed, current as of June 18, 2026. Conventional scenarios (5%, 10%, 20% down) use Fannie Mae / Freddie Mac conforming guidelines; Annual Percentage Rate (APR) is shown with equal prominence to the interest rate and reflects discount points and third-party closing costs. Conventional mortgage insurance (MI) is required above 80% LTV and auto-cancels at 78% LTV per the Homeowners Protection Act; MI factors are estimates and vary by FICO, LTV, and product. The USDA scenario uses the USDA Guaranteed Rural Housing (Section 502) program: 30-year fixed at 6.000%, 100% financing with the one-time 1.00% upfront guarantee fee financed into the loan ($429,250 total) and the 0.35% annual fee collected monthly. USDA financing requires the property to be located in a USDA-eligible rural area and total household income to be within USDA limits for the county (2026 Livingston County guaranteed limit approximately $119,850 for a 1–4 person household, $158,250 for 5–8), and is subject to a USDA Conditional Commitment. Property tax estimate reflects the post-sale uncapped taxable value (State Equalized Value $204,233) at the local homestead millage (~24.4 mills) with Principal Residence Exemption. The seller's current capped taxable value is $105,747 (current taxes $2,578/year); under Michigan's General Property Tax Act the taxable value uncaps to the SEV the year after sale, so first-year escrow may initially be set lower than the estimate shown. Not a commitment to lend. Subject to credit approval, underwriting and appraisal. Actual rates, terms, and payments may vary.