Owner financing advice/question term length and interest rate.

[Kantcho Traykov]

Hello, I have a question about someone offering owner financing for a property. The numbers I was quoted seemed high and I was wondering if that seems like a normal/good deal. I am new to real estate investing and haven't pulled the trigger on my first deal yet so I am still learning. I got quoted for a property that costs 69,900, 3k down payment. They quoted 760 dollars a month (taxes and insurance included). And I asked in an email about the terms and they said that their typical financing would be a 30 year term fixed rate at 10% interest. No penalties to pay off earlier. I tried doing some calculations and what I came up with was that I would be paying 550 dollars of interest a month and only about 200 of that would be going towards principal which doesn't seem like a good deal for the cost of the property. Thank you in advance for your thoughts.

[Peter Walther]

Here's a link to an amortization calculator.  Plug in your numbers and it will show you the principal/interest breakdown over the life of the loan.  

Amortization Calculator