Profile picture for sheenaisapunk

If the mortgage on a house is so much per month ( i.e. $745/mo.), is it like renting to own ?

  • June 08 2011 - Portland
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Answers (2)

Profile picture for wetdawgs
If you are seeing an estimate for mortgage payments along with the Zestimate, it is assuming you put a 20% down payment and get a mortgage with a traditional lender.  The actual payment will depend on the interest rate you can obtain, your property taxes and insurance.    If you have less than a 20% down payment, you will also have PMI added to your monthly payment.

Rent to own is an agreement between the buyer and seller and not using conventional lenders. Usually it has a time limit where you would have to obtain financing.   (It is usually a losing situation for the buyer)
  • June 11 2011
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Not necessarily. I can't give you an accurate answer without knowing what property you're referring to, but most of the time it's zillow's "zestimate" of your mortgage based on a preselected downpayment (10 or 20%) and average mortgage rent.
  • June 11 2011
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