How to calculate a promissory note with a balloon payment
I have a property that I intend to carry the mortgage for. My exit strategy is to sell this note to a note buyer, so I am trying to write this in a way that they will appreciate.
Here are the numbers. Please tell me if you know how to calculate it?
100,000 purchase price
20,000 down payment
80,000 loan amount
10% interest rate amortized over
30 years
30,000 balloon payment in five years
What is the payment amount for this (not including taxes and insurance)?
Thank you!!!