It is not $360 per month forever. It is a total of $8,640 ($360 x 24 months max). In addition, the RE taxes will be prorated in escrow so you won’t even pay a full portion of the first year. If you just picked up an REO at discount of 52% of its latest sales price ($270,000 in real dollars) and you are worried about $8,640 over 24 months, then homeownership is probably not for you.

Homeownership is full of “surprises”.

I used the term “several years” because I don’t know the age of the house or the term of the CFD/Mello Roos bond.