If you are interested in purchasing this property, the first thing you should do is contact an experienced loan agent. He/she will help you determine if you are qualified to purchase the home. If you could qualify based on your credit and your income, homes are paid monthly over 30 years, 15 years or even 40 years. A good loan officer will help you understand the process. Also, a qualified Real Estate Agent can help you with your purchase, and, if you are a first time Buyer, he could explain you the Buying process thoroughly. After you talk to a loan agent, he/she can tell you what would be your monthly payment including property taxes and fire/liability insurance.