Buyer wants to pay me off early on a 30 year owner contract?
The person who bought a house from me on a 30 yr owner contract ( no restriction in contract for early pay off--) now is thinking he may want to pay it off after aprox 16 years. Actually he would like me to lower the interest rate which is at 9% or if I won't do that he said he will pay me off. I doubt Ill lower the rate but how do I figure out the amount due if paid off now? This guy also bought property from my father ( who was 87 yrs old at the time but sharp as a tack! ) and tried to get away with cutting almost $140,000.00 off the price but the courts caught him! So of course I don't trust him to tell me the amount due without checking myself! Ill also need to figure out how much I still owe to the seller I bought it from as I still have a few years left on my owner contract... help? Im no math whiz but if someone could explain the mathmatical method I sure would appreciate it! Thank You, Marley Jeanne