My wife and I found a three family house that we would be comfortable buying but I’m looking for some clarification on an offer. It has been suggested that we offer $150k with 30k down. Seller holds mortgage at 6% amortization 25 yr due in 5 yrs with no prepay penalty.
What’s confusing me is the 25 year amortization but the mortgage due in 5 years. Can someone explain this to me and/or possibly show me what the payments would be?
Thanks in advance,
@Account Closed It means the payment amounts are the same as a 25yr loan, but the loan becomes due in yr 5