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Are my parents ripping me off with this deal that doesn't allow me to build my equity in my home?
You are getting totally hosed mate. Assume you live in the house for ten years, can get a normal 30 year mortgage and house prices average at 3% annually You could get a mortgage at 3.8% so your monthly payment would be $560 a month.  $60 a month difference over 10 year is $7200 Because you are paying down on a  conventional mortgage you would owe 93500 after 10 years.  On top of that the house would have appreciated by $47000.  You would have to give you parents $35500 of that.  So by avoiding a normal loan it's costing you an extra $49000.