Can my parents help me pay my mortgage?
Andrew Mclaughlin
Published Mar 29, 2026
If you have immediate relatives — parents, grandparents, siblings, spouses, stepmothers, stepfathers — who have resources that could contribute to a first or second mortgage, but who aren’t in the position to simply gift it to you, they may be willing to lend you the money using your new house as security that you’ll …
Can parents pay down payment house?
As of 2018, parents can contribute a collective $30,000 per child to help with a down payment — anything after that would incur the gift tax. In many cases, there’s no limit on the amount of gift money that can go into a down payment, as long as the buyer is purchasing a primary residence.
What is the mortgage payment on 230k?
Summary Table
| Loan Information | |
|---|---|
| Loan amount | $230,000 |
| Annual interest rate | 4.5% |
| Number of months | 360 |
| Monthly principal and interest payment | $1,165.38 |
How can I help my parents out with the mortgage?
Pay them to babysit. If you have children of your own, help your parents out with the mortgage by paying them to look after your kids for a weekend a month. This can give you and your spouse more quality time, your parents won’t feel embarrassed to ask for help and you’re saving money on child-minding.
Why are my parents not paying my mortgage?
Your parents simply won’t be able to pay off the home before they reach retirement. They’re living abroad: Perhaps they’re travelling a lot or living abroad a lot of the time and were planning on selling the property to you as a favourable purchase anyway. What can go wrong?
How does an offset mortgage work for a child?
Some lenders may offer a family offset mortgage which allows parents to offset the value of their savings against their child’s mortgage. Parents can put their savings into an account linked to the mortgage. The child then pays less interest, as the savings are used to ‘offset’ the amount of the mortgage that interest is paid on.
Can you take over your parents home loan?
If your mum and dad are in financial difficulty and can’t make their home loan repayments, is taking over your parents’ mortgage an option? Banks will generally not allow you to simply assume a mortgage title entirely so you’ll need to apply for a new home loan and the old loan will need to be paid out.
