Question about financing

[Heather Pelletier]

Just wondering if it's possible to have a mortgage and still offer owner financing.

IE: If we have a mortgage for 130K at 7.5% for 30 years the monthly payment is $908.98.

Potential buyer purchases house from us for $154K at 8% with a monthly payment being $1130.00

This creates $221.02 monthly cash flow, the house is occupied and the house acts as collateral if they don't pay. Over 30 years we could make a total profit of $79567.20. Is this what is meant by owner financing? I know it's possible if you own the house outright but curious if it works when you have a current mortgage on the property.