If a borrower can afford to make monthly principal and interest payments of $1000 and the lender will make a 30 year loan at 5.5% ($5.68) , or a 20 year loan at 4.5% (about $6.40), what is the largest loan this buyer can afford?"

I am selling property through seller financing and the buyer would like to have the payments auto deducted from her checking account.

My wife would like to buy a Condo in the downtown area that would cost us about 2k a month in mortgage payment with our savings.

I am working with a partner that is bringing the down payment and I will be financing the rest.

Here are the numbers:Purchase Price June 16, 2016 $293kDown Payment $60kRemodel $25kWe planned on buying them out after the 2 years and using it as a STR.

Investment is $15,000Monthly interest only payment of 1%, $150.00Principal of $15,000 returned after 12 months $1800 return (12% annualized)Secured by note and first lien mortgage Perfect for the first time Private Money Lender.

Come to find out after pulling teeth, she went ahead and mailed in the late payments on her morgage on monday, this is why she wants to back out of the contract.

You don't have to go 80/20, you can go 60/40 for a lower payment and (sometimes) a slightly lower rate.

I just wanted some help getting started.Presently have zero to little money for a down payment but I was thinking that I could use a student loan to help out with that.

My mortgage broker said that it can't be financed with a trailer on it (this confuses me as the extra 200 bucks is more money for the mortgage payments).