Muddy waters seller financing.

[Account Closed]

I have a deal in the making that I’ve never done. Here’s the scoop It’s seller finance. Cash would be $159k

I would need to discuss this with my attorney but the nuts and bolts would be $184K purchase price, 7% interest only for 10 years with 20% down.

I’m looking to make sure my formula is correct but would like for members to break this down. Thanks 

[Zach Lemke]

@Account Closed 184k with 20% down would equate to $147,200 financed. The interest-only payment at 7% would be $858.67. If it is interest only I'm not sure where you are getting $2136.40 from.  Was this an interest only loan, a fully amortizing 10 year loan, or a 30 year amortization with a balloon payment due at 10 years?