12489 Jennings Road, Linden MI — Just Listed

Three Ways to Own This Home

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

Down Payment

$6,600

FIRST-TIME BUYER

Loan Amount$213,400

Principal & Interest$1,349

Mortgage Insurance$80

Property Taxes$200

Homeowners Insurance$80

Total Monthly$1,709

Your Monthly Payment

$1,709

APR 6.996%

Down Payment

$11,000

Loan Amount$209,000

Principal & Interest$1,321

Mortgage Insurance$51

Property Taxes$200

Homeowners Insurance$80

Total Monthly$1,652

Your Monthly Payment

$1,652

APR 6.856%

Down Payment

10%

$22,000

Loan Amount$198,000

Principal & Interest$1,252

Mortgage Insurance$35

Property Taxes$200

Homeowners Insurance$80

Total Monthly$1,566

Your Monthly Payment

$1,566

APR 6.752%

3% down: built for first-time buyers. Conventional 97 requires at least one borrower hasn't owned a primary residence in the past 3 years. Lower down payment, slightly higher MI — but you keep $15,400 compared to going 10% down.

Why does MI vary? Conventional 97 (Fannie Mae) requires first-time homebuyer for the 3% down option. MI auto-cancels at 78% LTV per Homeowners Protection Act.

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)	$220,000	$223,817 ▲ 1.7%	$227,700 ▲ 3.5%	$235,669 ▲ 7.1%	$243,918 ▲ 10.9%
Down Payment Needed (3%)	$6,600	$6,715	$6,831	$7,070	$7,318
P&I + MI Payment	$1,429	$1,429	$1,429	$1,429	$1,429
Lost Appreciation	—	$3,817	$7,700	$15,669	$23,918
Lost Equity Build-up	—	$1,173	$2,385	$4,930	$7,646
TOTAL COST OF WAITING	$0	$4,990	$10,085	$20,600	$31,564

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

+$54,925

Total equity built in this home

Home value (3.5% annual) $261,291

Loan balance after 60 payments $199,766

= Total equity $61,525

Less initial down payment −$6,600

Net wealth gain +$54,925

IF YOU RENT

Net Wealth Position in 5 Years

-$95,564

Money paid to a landlord, none of it back

Year 1 rent ($1500/mo × 12) $18,000

Years 1–5 rent (3% annual increase) $95,564

Equity built $0

Tax benefits $0

Net wealth gain -$95,564

5-Year Wealth Swing: Buying vs Renting

$150,490

That's the difference between building wealth and watching it walk out the door each month.

Estimate based on 3.5% annual appreciation (Genesee County single-family long-run average), 3% annual rent increases, $1500/mo starting rent (estimated rent Linden 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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