This program calculates the Cost or Benefit to the Buyer of a Seller Take Back Mortgage.
Often, the seller of a property provides a mortgage called a "Seller or Vendor Take Back Mortgage" to the buyer of the property. The interest rate for the Take Back Mortgage may be different from the current market rate for a similar mortgage.
What would be the financial benefit for the purchaser if the interest rate for a $1,000,000 Seller Take-Back Mortgage is 5%, with a three year term and 15 year amortization period? The market interest rate for a similar mortgage is 7%?