Two ways to buy 2116 S. Beechwood St, and one of them costs under $6,000 out of pocket

A renovated West Passyunk rowhome with two ensuite suites, three full baths, and a lender program that drops the cash to close to $5,866. Listed at $285,000 in Philadelphia's 19145.

Most people who ask me about buying their first home in Philadelphia are not stuck on the monthly payment. They are stuck on the pile of cash it takes to reach the closing table.

That is the real wall. You can handle $2,200 a month because you are already paying something close to it in rent. What you do not have is twenty thousand dollars sitting in savings waiting for a settlement date.

So here is why 2116 S. Beechwood Street deserves a look right now. Meridian Bank is offering two financing programs on this specific home, and one of them brings the cash needed to close down to under six thousand dollars.

Option one: the below market rate

The first program is a zero point loan at 5.875% (6.400% APR) on a 30 year fixed mortgage.

With 3% down on the $285,000 list price, your first loan is $276,450. Principal and interest come to $1,635 a month. Add taxes, insurance, and mortgage insurance at $517, and your total monthly payment lands at $2,152. Total cash required to close is $20,073.

This is the option for buyers who already have savings built up and care most about the long game. A lower rate follows you for the life of the loan.

Option two: $14,250 toward your down payment or closing costs

The second program is where things open up for anyone who has been saving hard and still is not quite there.

Meridian provides an assistance loan equal to 5% of the sales price. On this home that is $14,250, and it applies toward your down payment or your closing costs. That second loan carries 0.00% interest, 0.00% APR, and no monthly payment.

Your first mortgage on this program sits at 6.250% (6.785% APR), also 30 year fixed. Principal and interest run $1,702. With taxes, insurance, and MI, your total monthly payment is $2,219. Total cash required to close is $5,866.

So which one is actually better?

It comes down to a single trade.

For most first time buyers, that math is not close. Getting into the house is the hard part, and $67 a month is roughly two lunches.

Option one makes more sense if you already have the cash, you plan to stay a very long time, and you would rather lock the lower rate permanently.

There is also a middle path worth asking about. Rates move. If you take the assistance now and rates come down later, you refinance the first mortgage while the assistance loan terms stay put. Ask the loan officer how that would work in your situation before you commit either way.

And then the tax bill drops too

Here is a piece almost nobody factors in when they are comparing a mortgage payment to their rent.

Philadelphia's Homestead Exemption knocks $100,000 off the assessed value of your primary residence before your Real Estate Tax is calculated. This house is assessed at $191,500, which is where the $2,680 annual tax bill comes from. Apply the exemption and the taxable portion drops to $91,500.

That takes the annual tax bill from roughly $2,680 down to about $1,281. A savings of close to $1,400 a year, or around $117 a month back in your pocket.

There is no income limit and no age requirement. You qualify simply by owning the home and living in it, and having a mortgage does not disqualify you. You apply once through the Philadelphia Tax Center and never have to reapply unless the deed changes. Applications are due by December 1 for the following tax year.

Worth asking your loan officer whether the escrow figure in your quote already accounts for the exemption. If it does not, your real monthly cost is lower than the number on the sheet.

The layout detail that changes the math

2116 S. Beechwood has two bedrooms, and each one has its own private ensuite bathroom. Not a shared hall bath. Two separate bedroom and bath suites, one front and one rear. Then the finished basement adds a third full bathroom with a walk in closet.

• 2Bedrooms, both ensuite
• 3Full bathrooms
• 1,633Total finished sq ft
• $2,680Annual taxes, no HOA

That is a layout built for sharing. Two friends buying together. A couple with a roommate covering part of the payment. A buyer who works from home and wants the lower level as a real office with its own bath for clients or guests. Nobody waits in line before work.

And if you do bring in a roommate, look at what that does to the $2,219 payment. Split down the middle, you are living in a house you own for roughly $1,110 a month. Try finding that in a South Philly rental, let alone one where you keep the equity.

What you are actually buying

The financing only matters if the house is worth owning. This one is.

A covered front porch, which is not a small thing on a block like this. Somewhere to sit on a summer evening that is yours but still part of the street.

Inside, the main floor opens up front to back with ceramic tile throughout and a black steel stair rail cutting through the space instead of a bulky wall. The kitchen anchors the rear with white and espresso cabinetry, granite counters, a full stainless appliance package, and a mosaic glass tile backsplash running counter to ceiling. A peninsula with bar seating gives you somewhere to eat without surrendering the floor plan. Two windows over the counter pull in real light, which renovated rowhomes often fail to deliver.

Upstairs, both suites have good closet space and modern baths with glass walk in showers, floating vanities, and clean contemporary tile. The stacked washer and dryer sits in the upper hallway, right where your clothes actually live. No hauling baskets to a basement.

The basement is fully finished with that third full bath and a walk in closet, so it works as a den, office, media room, guest suite, or gym depending on the week. Out back, a private walled patio gives you a low maintenance spot to grill, relax, or let the dog stretch out.

The rest of the specifics

Built in 1920, masonry construction, two stories plus the finished lower level. Central air, forced air gas heat, tankless hot water. On street parking. Taxes run $2,680 per year and there is no HOA.

The neighborhood

You are in West Passyunk, steps from Girard Estates, in the 19145 zip.

Passyunk Avenue's restaurant row is a short walk. El Mictlan for Mexican, Nipotina for cheesesteaks and sandwiches, Griddle & Rice for brunch, and L'Angolo Ristorante when you want a real Italian dinner. Coffee is covered by Caffè Ida, Ground Up Cafe and Coffee, and Three Graces Coffee Co.

Sports fans can walk to Chickie's & Pete's before a Phillies, Eagles, Sixers, or Flyers game at the South Philly Sports Complex. Commuters get fast access to I-76 and I-95 with a straightforward run into Center City.

This is the part of Philadelphia where you still get a real neighborhood. Corner delis, people who know your dog, kids on the block. It has not been polished into something unrecognizable.

West Passyunk at a glance

For buyers researching the area more broadly: 2116 S. Beechwood Street is a 1,633 square foot interior rowhome built in 1920 on a 713 square foot lot, with masonry construction, a flat roof, and two stories above a fully finished basement. The property is zoned RM1, is fee simple ownership with no condo or homeowners association, and carries an annual tax bill of approximately $2,680 on a 2026 assessed value of $191,500. It is listed at $285,000, which works out to roughly $175 per square foot.

Common questions about this home and this financing