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Is this financing for 1-2 years or until they can finance a loan? Have you checked the client's credit? If a lender won't loan them the money, why are you? Hopefully you're keeping the title in your name. Try 9% for starters.
Microsoft has free Excel Loan Amortization templates here. Last I checked there were 33. use this one for an owner contract I am collecting on So I know who much interest income I have to claim on taxes. There are usury rates (minimum & maximum depending on the length of the note) for each state. In my state, 8-10% is common for owner contracts, especially if you have a buyer that can't finance due to credit issues or perhaps a recreational property that banks won't loan on, such as my case. The bigger the down payment, the better. At least 10% to cover your closing costs but 20% or more would be better. You can also factor in a balloon payment at 3, 5 or 10 years, your choice. The amortization period is also your choice. Although most buyers would want 30 year amortization, you could instead opt for 20 - 25 to get a larger payment. Insist on proof of hazard insurance. One more factor... Check on the deeds available for this that are used in your state. In Washington, there are 2: Promissory Note & Deed of Trust MacKinney Real Estate Contract. Each have different times they are recorded (DOT @ closing, REC after paid in full), different foreclosure procedures and right of redemption (DOT has none, REC does). In this time of incertainty, you may also wish to have the opportunity to pursue for a deficiency judgement incase they default & leave your property in horrid condition & this will also depend on the deed used to transfer title.
Easiest way is to put it on an Excel spreadsheet. Open Excel At the top you see columns A, B, C, D, E, etc On the side you see rows 1,2,3,4,5, etc In box A-1 (first box in upper left hand corner) type in the word RATE In box A-2 (just below ) type in TERM In box A-3 (just below) type in LOAN Next to RATE type 8% (box B-1) Next to TERM type 30 (as in 30 years) Next to LOAN type $80,000 (as in the loan amount) Should look like this… Rate8% Term30 Loan 80,000.00 In Box B-4 type this formula =PMT(B1/12,B2*360,-B3) It's easier to just cut and past the formula, but it must be in box B-4 or it won't work. This will produce the payment of $ 533.33 Now you can play with the numbers, change the rate, change the loan, change the term – you have created a payment calculator - have fun ! Rate depends on credit worthiness. 6% is great, 8% average, 10% bad, 12% atrocious
Do a credit check. Use on of the online credit agency's. 2-3% above market. Use the link bellow it is to a mortgage calculator with an amort schedule. Do some internet research on how to screen buyers. Wish you well.
When we went to the title company and paid them the down payment they had a mortization schedule all ready printed up and ready for us. you might check into that. Or Do you happen to have acces to microsoft money? I put mine in there and it came out to the penny and you can always print out the amortization schedule to give them. You just need to know how much, %, term, and will there be a balloon payment.