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Land Contract question (Michigan).?
We have a seller that is willing to take zero down on a 30 year land contract. The property is 30 acres (2 15 acre parcel’s), 1 parcel has a mobile home and a pole barn and the other parcel has no buildings. The total sales price is $164,800.00 and the monthly payment would be $1450.00 a month which included property taxes ($1800.00 a year), home owners insurance ($700.00 a year) and interest of 8.5%. If we can convince the seller to take lets say $800.00 a month with a 30 year balloon, what would the balloon payment be? I have looked for an amortization calculator that allows calculations for a 30 year balloon but can’t find one anywhere online. Any help would be appreciated so we can make our dreams come true. We love camping and dream of owning and operating our own campground one day and we are perfectly content with building one from scratch.
Mary in the tiny village of Onsted, Michigan
The payment would be approximately $87,800.00 after 30 years.
