Owner financing: Who receives credit for principal/interest?

[Greg M.]

I am trying to purchase a property with owner financing. Hypothetically the seller owes $85,000 to the bank and the property is worth $110,000. He has agreed to seller finance the property for 3 years. I am trying to wrap my head around who the principal/interest credit goes to, the seller or to me as the buyer. Within 3 years he will need to be cashed out so if the credit goes to the buyer (me) then would he receive less than what was agreed upon at closing? If the buyer is paying for the property for the duration, shouldnt they receive the credit? Help!