There are four parts to the loan: length, down payment amount, monthly payment amount, and occasionally a balloon payment. The length of our loans is typically 10-20 years and are based on the seller’s timeline. The down payment on the property is typically $5,000 (+/-) depending on the overall equity in the house. The monthly payments are based on a 30-year fixed rate. The balloon is the lump sum that we owe at the end of the term length, since the monthly payments are based on a 30-year fixed rate they generally only pay off 20 – 40% of the loan.