2381 Burke Road, Fowlerville MI — Just Listed

Three Ways to Own This Home

Estimated payments at 6.500% rate, 740 FICO, owner-occupied primary residence

Down Payment

$22,500

Loan Amount$427,500

Principal & Interest$2,702

Mortgage Insurance$103

Property Taxes$475

Homeowners Insurance$100

Total Monthly$3,380

Your Monthly Payment

$3,380

APR 6.898%

Down Payment

10%

$45,000

Loan Amount$405,000

Principal & Interest$2,560

Mortgage Insurance$71

Property Taxes$475

Homeowners Insurance$100

Total Monthly$3,206

Your Monthly Payment

$3,206

APR 6.820%

Down Payment

20%

$90,000

Loan Amount$360,000

Principal & Interest$2,275

Mortgage Insurance$0

Property Taxes$475

Homeowners Insurance$100

Total Monthly$2,850

Your Monthly Payment

$2,850

APR 6.695%

How down payment changes things: Each scenario trades upfront cash for monthly payment. At 5% down you keep more cash; at 20% down you skip MI entirely. Pick the trade-off that matches your goals.

Mortgage Insurance (MI): Required for LTV greater than 80%. Auto-cancels at 78% LTV per Homeowners Protection Act. The 20% down scenario has no MI.

Run Your Own Numbers

Adjust the down payment, rate, or price — see your payment update live.

Purchase Price

Down Payment %

Interest Rate %

HOA Dues / month

Property Taxes / month (auto-estimated, override anytime)

Insurance / month (HO-6 ~$30, HO-3 ~$90)

Estimated Monthly Payment

Loan Amount$205,105

Principal & Interest$1,263

Mortgage Insurance$51

Property Taxes (est)$200

HO-6 Insurance (est)$30

HOA Dues$285

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)	$450,000	$457,807 ▲ 1.7%	$465,750 ▲ 3.5%	$482,051 ▲ 7.1%	$498,923 ▲ 10.9%
Down Payment Needed (5%)	$22,500	$22,890	$23,288	$24,103	$24,946
P&I + MI Payment	$2,805	$2,805	$2,805	$2,805	$2,805
Lost Appreciation	—	$7,807	$15,750	$32,051	$48,923
Lost Equity Build-up	—	$2,350	$4,778	$9,877	$15,316
TOTAL COST OF WAITING	$0	$10,158	$20,528	$41,928	$64,239

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

+$111,772

Total equity built in this home

Home value (3.5% annual) $534,459

Loan balance after 60 payments $400,187

= Total equity $134,272

Less initial down payment −$22,500

Net wealth gain +$111,772

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

$264,675

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 Fowlerville 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

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