Purchase Price: $350,000
Down Payment: $35,000
Assignment: $15,000
Toal Wrap Around Mortgage: $315,000
Subject to Mortgage Balance: $140,744
Interest Rate: 5.75%
PITI: $1,247.35
HOA: $1,100 (includes cable, wifi, amenities)
Seller's Remaining Equity: $500 per month
Rental restrictions for 1 year then after you can place a tenant
Ballon: 5 years
(Note: The balance owed to seller will be roughly $175,000.00, which represents the difference b/w the $315k, and the balance on the first mortgage)
The mortgage payment will consist of the full payment required by the first mortgage, together with an additional payment of $500 per month, with the $500 being credited to the $175,000 balance owed to the seller.
The full balance of the wrap around mortgage shall be paid off within 5 years of the closing date. (5 year balloon)