Owner financing examples are needed.

[Anthony Middleton]

I would like to negotiate owner financing terms with a seller but I dont know how to quite go about it. Asking price is 160k for duplex. Im thinking offering 3% down payment, pay mortgage and insurance to onwer for 3 or 4 years then gain 20% equity in property. After gaining 20% equity refinance with bank or credit union. Does these numbers or idea make sense?

160k asking

3%dwn payment to owner

4% interest / 30yrs

Mortgage $741

I was told house was appraised at 170k but i will verify myself.