Pro input needed please

[Patrick M.]

I have a sold a home I own on a land contract. The current contract is for 1,150,000 at 6.5% amortized 16 year with a 7 year balloon.

That results in payments of about 9500 a month to me.
Taxes on the home are about 25,000 per year

The buyer has been current on the payments but late on taxes.

The buyer would actually like to do more like a 15 year note and no balloon and have me carry the term. I am OK with that if needed.

I have about a 380k mortgage on the place. So it is a wrap basically. Yes I could pay that off if needed at some point but not what I want at the moment. My payment is about 2k per month.

The buyer is struggling on the taxes so I want to have him pay me the taxes as my bank now wants to escrow them and add to my payment. I am OK with that but it makes my payments more like 4k per month to include the escrow for taxes.

That would also make his payment an additional 2k on top of the 9500 per month. He will do that.

I have the opportunity to change the deal. is there a better way to structure it? How should I be looking at my note that I have with my bank, should I accelerate payments?

Any other thoughts?

He has been paying for 2.5 years. and leased it for 18 months before that. We communicate well and he has strong income and very much wants to stay in the home.