Trying to figure the math. Help!

[Tony Velez]

Hi,

I need help figuring how @Brandon Turner came up with this monthly payment. I came up with $554 a month. Here is his blog. Please help me out. What am I missing? 

I want to purchase a particular rental house but do not want, or lack the ability, to get traditional bank financing. The seller would like $100,000 for the property, but is willing to “carry the contract” – which is investor jargon for someone who agrees to finance a property they own. The owner asks for $5,000 down and a 7% interest rate on the remaining $95,000 amortized over 30 years for a monthly payment of $632.03. I agree to his terms and after doing my due diligence, I close on the property through my local title company. I then look for a tenant who rents the home for $1400 per month and collect the cash flow difference each month.

Thank you

Tony V

[Eric Munson]

@Tony Velez - I came up with $632. Google mortgage calc and a quick calculator will pop up.