Posted by chewy the ne-bie on November 27, 1999 at 05:50:26:
This site is the best source of knowledge one could use. My question is as stated above. how do I calculate interest only payments on 65,000 with a balloon in 2-3years. Situation is this, found 3bedroom property seller asking $85,000- assuming a non qualifying FHA for 20,000 , going to offer the seller interest only payments for 2-3 years to keep my payments low enough to pay off some of my own bills to be able to qualify for new financing at that time.Oh did I mention this will be a home, not investment property.Is ther a better way to structure this deal, maybe assume first and find lendor for a second that will give surplus funds to pay bills off, making it easier to pay their mortgage. Please help…I need wisdom
thanks in advance
Chewy Martone