Rent back after selling- what is the payment?

[Anonymous]

Is it the whole mortgage payment?
Or only interest, taxes and insurance and NOT the principal?

What is customary?

Thanks!

[Anonymous]

It would generally be the entire monthly mortgage payment, prorated if you're not staying the entire month. However, the new owners could (although I don't know why anyone would) charge you everything except the principal.

[Anonymous]

PITI

[Anonymous]

Anonymous wrote:PITI

Exactly this. We actually were able to work out our rent back for free after our buyer requested to change the closing date just a week before the agreed upon date. We were annoyed and it was a huge hassle.

[Anonymous]

PITI stands for principal, interest, taxes and insurance--your whole mortgage payment. That's standard, but everything is negotiable. If one side wants it really badly and it's going to be a hardship for the other side, you can charge more or pay less, as the case may be.