Real Estate question regarding a 2nd note

[LRAO]

Can I use a simple auto loan calculator to figure out what the payments would be if the seller carried the 2nd?

Example: according to Bankrate's auto calc,

a $100,000 loan at 4.0% with a 10-year term would come out to a $1012.45 monthly payment.

Is this right?

Thanks in advance.

 

[Marshac]

It is correct. Excel has the PMT function which can do the same thing for you.

Your question would look like this in Excel:

=PMT(4%/12,10*12,100000)