Randy,

That will totally depend on the interest rate the owner agrees with you. If you wanted to compare that to a current mortgage rate, let's say 5%, on a 30yr term, your Principle and Interest payment is 574.40. What is the reason that you are going land contract?

Randy,
The interest rate for the loan and the length of time it lasts will be 2 more determining factors in your monthly payment. By law the owner can ask up to 11%. To figure an approximate monthly payment of principle and interest on a $112,000 loan in a 30 year mortgage at 11% with $5,000 down -- multiply 107 x $9.52. There are lots of variables to consider. I would suggest contacting a REALTOR (r) for help.

Hi Randy, never wonder about this again. Click the link below put in the type of mortgage, your interest rate and the length of loan and click calculate. Remember to subtract your down payment...or put it into the calculator. This site has 20 mortgage calculators so you have the answer at your fingertips. Hope this helps you review your options.

You have to know the interest rate. For example let's say it's 5.5% interest rate, here would be your monthly mortgage payment, approximately.

A 30 year amoritzed loan at 5.5% interest of $107k would give you a monthly payment of $607.53 for your principle and interest. Add another $1k per year for property taxes so about $100.00 per month and then insurance which you can call your insurance provider for a quote. I hope this helps!
Good luck!