Note builder
Owner financing calculator
Owner financing, also called seller financing, lives or dies on the monthly number and the balloon. Enter the deal. We calculate payment and payoff live, and assemble a draft note reciting the elected ¶C structure plus the hard-coded TREC 26-8 fixed terms. The kit unlocks the full instrument set.
PROMISSORY NOTE — DRAFT
PREPARED WITH OWNERFINANCEFORMS.COM · NOT LEGAL ADVICE · FOR ATTORNEY REVIEW
FOR VALUE RECEIVED, John D. Buyer (“Maker”) promises to pay to the order of Jane Q. Seller (“Payee”) the principal sum of $340,000.00, together with interest on the unpaid principal balance at the rate of 4.5% per annum.
Payment terms. Principal and interest are payable in equal monthly installments of $1,722.73 including interest, amortized over 30 years, beginning on the first day of the month following closing and continuing monthly thereafter (TREC 26-8 ¶C(2)). The entire unpaid balance is due and payable in full 5 years from the date of this Note (the “Balloon Payment,” estimated at $309,936.92). THIS NOTE REQUIRES A BALLOON PAYMENT SUBSTANTIALLY LARGER THAN THE PRECEDING PAYMENTS.
Prepayment; late fee; default rate (per Seller Financing Addendum, TREC No. 26-8). Maker may prepay in whole or in part at any time without penalty, with prepayments applied to the installments of principal last maturing and interest ceasing on the prepaid principal. A late fee of 5% applies to any installment not paid within 10 days of its due date. Matured unpaid amounts bear interest at 18% per annum or the highest lawful rate, whichever is less.
Security. This Note is secured by a Deed of Trust of even date covering the real property located at 1234 Bluebonnet Ln, Austin, TX 78704, Travis County, Texas.
DRAFT SPECIMEN ONLY. Occupancy: investment.