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Is there a standard formula/convention to calculate the % of ownership on a property based on the following situation
- I am buying property together with my partner and her mother. Lets assume for now the property was priced at $100,000 for easy calculation
- My partner and mother are putting a downpayment of $30k each ($60k) from their own personal funds
- I am putting $0 in downpayment
- We are taking out a mortgage on the remainder $40k.
- My wife, her mother and myself plan to split the monthly mortgage payment evenly (3 ways).
My assumption is that the property ownership should be calculated based on - Partner and mother own 30% each from their initial $30k downpayment - Remainder % is calculated based on amount each of us are paying to the monthly mortgage
Would the above be right or is there a more conventional to calculate this?