Interest rate help! Owner financing property?

Interest rate help! Owner financing property?
The owner is willing to finance 100% on a $ 200,000 property.
If he were to refinance at at 6% (ideally) his payment would be around $ 1,200 a month.Now lets just say he also charges me 6% on his loan (interest for him) does that mean i would owe him $ 2,400 a month? ( 1,200 in interest and 1,200 for his mortgage payment) ? would 6% be a fair rate to him? or does the rate usually tend to be less in this type of deal (such as lower then 6%) any help would be appreciated.I’d like to know the details before i propose such a deal,and or contact a real estate attorney to draw it all up for us in aggreement
Also I would be spreading out the payments for 30 years.I just want to know what type of interest rate should i give to the owner for doing this for me? (holding the note)I hear i am supossed to give him an interest rate at current market values,and that it depends on my credit.6% would be the ideal rate for someone with good credit.I am just using that as an example though.The Q is,am i supposed to give him interest that must be ATLEAST 6%? or over

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