zip realty wierdness

mking

while looking for homes in 2006/2007, before i decided to wait on buying a home, i learned to use zip realty to search the listings.

lately, i have noticed something odd. zip provides an estimated payment feature (based on interest rates i think they acquire from bankrate.com) that is based on PMI alone, not taxes and insurance.

lately, i have noticed that the spread between a 30 yr loan and a 15 yrs loan is pretty big, AND the 15 year payment is LOWER!

MLS #: 28124712 ($299K, kent home)

zip says estimated payment for a 30yr loan is $1504, but for a 15 yr loan is $1429.

is this a bug?

perfectfire

That's very very close to where I live. You should know that it's been on the market since last summer and the owner even put it up for a rent for a few months.

Edit: Wrong, not near me. Put in the wrong mls number I guess. :oops:

ira s

mking,
It has to be a bug. Even though the interest rates on a 15 year mortgage is about 1/2 a percent less, the monthly payment on a 15 year loan would be about 500 dollars per month more, assuming 20% down on a 300,000 dollar house.

Big Mike 34

mking wrote:

while looking for homes in 2006/2007, before i decided to wait on buying a home, i learned to use zip realty to search the listings.

lately, i have noticed something odd. zip provides an estimated payment feature (based on interest rates i think they acquire from bankrate.com) that is based on PMI alone, not taxes and insurance.

lately, i have noticed that the spread between a 30 yr loan and a 15 yrs loan is pretty big, AND the 15 year payment is LOWER!

MLS #: 28124712 ($299K, kent home)


zip says estimated payment for a 30yr loan is $1504, but for a 15 yr loan is $1429.

is this a bug?

---

I use Zip a lot and it does seem odd to me also....I have also seen this before and just assumed it was a mistake..

perfectfire

Edit: Oops looks like I put in the wrong mls number the first time I searched it. I don't live anywhere near there.