Posted on: 10th Feb, 2009 08:48 pm
I have an offer for a small parcel of land. The buyer has asked me to carry back $75,000 loan with a 30 year amortization schedule at 5.5% interest with a 3 year balloon payment. I do not know how to use the calculator. I am trying to determine what the monthly payments, including interest, will be and whether or not this is a risky deal.
You need to make a monthly payment of $425.84 per month for the first three years. This comes to about $15330.24 in three years. Now, you have a remaining debt of $59669.76 which you need to pay at maturity on completion of the 3 year period in one single payment. For the calculator, you can visit the link http://www.mortgagefit.com/calculators/simple.html
Payment monthly borrow 10000 @ 7% for 7 yrs
Hi Kb,
What do you exactly want to ask? Please post your query in details. It will help me as well as other members/experts here to give you some suggestions.
Thanks
What do you exactly want to ask? Please post your query in details. It will help me as well as other members/experts here to give you some suggestions.
Thanks