Analyzing Deal on Land Contract With Ballon

[Iain A.]

I'm trying to run the numbers on this 2 unit Duplex in my home town of Port Huron, Michigan.  So, with the land contract terms of $115,900 at 6.5% with a 5 year balloon I would pay roughly $732 a month to the seller for 5 years then owe $109,000 which I would then finance through a bank, correct? 

With that being the case, is it appropriate to take the amount I'm paying the seller over the 5 year term and add that to the purchase price while I'm using the Bigger Pockets Calculator? 

The figures of $109,000 to finance after the term, $732 a month for payment and  total payment to the sell of $43,920 I calculated using this calculator:

https://www.bankrate.com/calculators/mortgages/bal...

Here's a link the PDF file I pulled from the MLS for the property, I'll be looking at it today at 5:00 pm.

https://files.acrobat.com/a/preview/fca537b9-43e4-...

[Brandon Sturgill]

@Iain A. Are you making a down payment and what is the amortization schedule? How many months/years. Unable to calculate without that information. 

And why are you doing a land contract?...will the seller go for an installment sale? (purchase money mortgage)...transfer title and own the property rather than the seller owning and controlling the asset all the while you pay them...land contract should be a last resort.