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Is this a good deal or am I crazy?

My family has to move soon so I've started looking at houses. It seems that in this current market and where we're moving, houses that will both fit and suit us are going for about (at least?) $675-750k. I have good credit, but interest rates are obviously...what they are.

That being said, I found an $850k home with a 3.5% assumable mortgage, $250k equity gap, 25yrs left. Without having had my own appraisal and inspection done (obviously any offer would be contingent on this and successful assumption of their mortgage) it looks like a very nicely maintained custom built house with updated/up to date systems/roofing/windows/etc, and it's in a *much* nicer neighborhood than everything else we've been looking at so far (lots of $1M+ houses, doctors, lawyers, extremely safe, etc).

I ran a mortgage calculator that suggests that even with the large down payment/equity gap, over the course of the loans, the 850k house actually costs me ~$375k less than a $700k with a 7.25% 30yr new mortgage, but it still feels too good to be true, so I'm here to ask for a sanity check.

submitted by /u/thesevenyearbitch
[link] [comments]

source https://www.reddit.com/r/RealEstate/comments/1xauh89/is_this_a_good_deal_or_am_i_crazy/
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