EXAMPLE - BUYER finances a $125,000 home site via land contract conveyance. BUYER chooses a 1, 2 or 3 year term with balloon and a 10%, 15% or 20% down payment. The BUYER’S interest rate and monthly, interest-only payment will be determined as follows:
1 Year Term
| Down Payment |
Interest Rate |
Interest Only
Monthly Payments |
| 10% |
5% |
$468.75 |
| 15% |
4.5% |
$398.44 |
| 20% |
4% |
$333.33 |
|
2 Year Term
| Down Payment |
Interest Rate |
Interest Only
Monthly Payments |
| 10% |
5.5% |
$515.63 |
| 15% |
5% |
$442.71 |
| 20% |
4.5% |
$375.00 |
|
3 Year Term
| Down Payment |
Interest Rate |
Interest Only
Monthly Payments |
| 10% |
6% |
$562.50 |
| 15% |
5.5% |
$486.98 |
| 20% |
5% |
$416.67 |
|
|
|
EXAMPLE - BUYER finances a $125,000 home site via land contract conveyance. BUYER chooses a 1, 2 or 3 year term with balloon and a 10%, 15% or 20% down payment. The BUYER'S interest rate and monthly, interest-only payment will be determined as follows:
1 Year Term
| Down Payment |
Interest Rate |
Interest Only
Monthly Payments |
| 10% |
7% |
$656.25 |
| 15% |
6.5% |
$575.52 |
| 20% |
6% |
$500.00 |
|
2 Year Term
| Down Payment |
Interest Rate |
Interest Only
Monthly Payments |
| 10% |
7.5% |
$703.13 |
| 15% |
7% |
$619.79 |
| 20% |
6.5% |
$541.66 |
|
3 Year Term
| Down Payment |
Interest Rate |
Interest Only
Monthly Payments |
| 10% |
8% |
$750.00 |
| 15% |
7.5% |
$664.06 |
| 20% |
7% |
$583.33 |
|
|