land contract payoff - Posted by jenna hullett

Real Estate Investing Real Estate Law
1

Posted by JohnBoy on February 10, 2005 at 16:34:35:

How much of the $625 was for taxes and insurance? Meaning, how much of the $625 was towards principal and interest?

$55k @ 9% amortized over how long?

Does the $625 payment include taxes and insurance? If so, what are the taxes and insurance?

How many payments have you made?

Assuming this was based on a 30 year amortization, then $55k @ 9% would be a payment of $442.54.

$625 - $442.54 = $182.46 left towards taxes & insurance.

So based on this and having a pay off of $52,700 it would appear that you have made payments for about 5 years.

This is of course based on assumptions since you haven’t provided enough info.

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land contract payoff - Posted by jenna hullett

Posted by jenna hullett on February 10, 2005 at 12:03:18:

We purchesed a home under land contract. the amout stated in the contract was 55k, after our down payment of 2,500., and our steady payments of 625$ a month at 9%. we are now under refinancing the home to get it in our name, and the persons
we are getting the home from told my lender that the payoff amount was 52,700… this does not mach up. what do i need to do?