Need help figuring out a mortgage balloon payment amount
Hi guys,
Hoping someone can help. I’ve tried to figure it out myself but can’t.
I want to approach someone I know about buying a property from them. Here is my dilemma with numbers:
My offer will be $60,000 w/seller financing
$10,000 down, 6% amortized over 15 years but balloon at 5.
I can’t seem to figure out a good approximation of the balloon payment. Every calc I found won’t do balloon at 5 with it amortized at 15.
Thanks for any help!