Help with Amortization amount

[JeffH]

Hello
I purchased some property 4 years ago owner financed and I am ready to pay off the land owner. He gave me a payoff amount this year that was the same amount as last year, so something fishy is going on and I could sure use a math experts help.
I purchased land at $60,000. Made a $3,000 down payment and financed the remaining balance of $57,000 for 57 months. I have paid exactly $1,000 per month for the last 47 months at 8% interest. So I have 10 payments left at $1,000 each and whatever the accrued interest is to date. I was asked to get a payoff amount as of March 15th (which will actually be the middle of the month of the 48th payment). So I would have made 1 more payment from today and would actually have 9 left plus the interest on March 15th.
I hope I gave all the necessary information to make it work. I sure appreciate any help. Might save me thousands of dollars. Thanks again !!!

 

[stapel]

I purchased some property 4 years ago owner financed and I am ready to pay off the land owner. He gave me a payoff amount this year that was the same amount as last year, so something fishy is going on and I could sure use a math experts help.

I purchased land at $60,000. Made a $3,000 down payment and financed the remaining balance of $57,000 for 57 months. I have paid exactly $1,000 per month for the last 47 months at 8% interest. So I have 10 payments left at $1,000 each and whatever the accrued interest is to date. I was asked to get a payoff amount as of March 15th (which will actually be the middle of the month of the 48th payment). So I would have made 1 more payment from today and would actually have 9 left plus the interest on March 15th.

What were the exact and complete terms of the contract? Thank you!

 

[JeffH]

Thanks.
He told me like $27,000 and I knew that was not right. I was expecting more around $21,000.
However since he is the one receiving the funds it is in his interest to have me pay more.
Either that or he does not know how to calculate the math either.
Thank you.

You're dreaming in Technicolor buddy

After 47 payments, you still owe $22,910.

Interest starts at $380 for 1st month: 57000 * .08 / 12 = 380

If you continue with $1000 payments, you still have
25 months left.

 

[JeffH]

Thanks.
He told me like $27,000 and I knew that was not right. I was expecting more around $21,000.
However since he is the one receiving the funds it is in his interest to have me pay more.
Either that or he does not know how to calculate the math either.
Thank you.

 

[jonah2.0]

Beer soaked ramblings follow.

Given JeffH's silence, methinks he be unconvinced with thy reckoning Sir D.