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-...