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Mortgage Calculator Expanded - Version 9/99
All Data Entry cells show up in red.
This calculator figures the Principle & Interest payment on any
term mortgage. Enter the loan amount, the interest rate and the term
of the loan. The principle & interest payment will be indicated for
you. Keep in mind that your taxes & insurance payments will be over
and above this amount and will vary from property to property.
Below this section you can evaluate the effect to an additional payment on
the term of the loan. Simply enter any extra monthly payment you will be
paying and indicate the payment number on which you will begin this extra
payment. For example, if you have had your loan in place for two years and you
anticipate beginning the extra payments on the last payment of the second year,
enter 24 in the "Beginning on Pmt #" cell. The calculator will
assume this payment pattern will continue until the loan is paid off. The
calculator will then indicate the new term of the loan, given the acceleration
effect of the extra payment.
On the right side of the calculator (labeled - Payment Record) you can
determine the cumulative interested and/or principle paid through any number of
years. It is set up so as to be able to look at any two years at the time while
indicating the difference between the years shown. If you want to know the total
interest paid on the loan in the 9th year, simply enter 8 in the left
column and 9 in the right column. This will show the cumulative interest paid
through year 8 and the cumulative interest paid through year 9. The difference
between the two numbers is the interest paid in year nine. This can also be used
to determine the interest paid over a range of years, or over the whole life of
the loan. For example, if you have a 30-year loan, you can enter 30 years in one
of the Payment record columns and that column will indicate the interest over
the total life of the loan. Keep in mind that this section only accommodates
whole years rather than fractions of years.
In the bottom right section you can choose whether or not to view the
amortization schedule. Use the pull-down menu to select "Yes" if you
want to view the schedule and select "No" if you do not.
The set print range buttons are there simply here as a convenience. The top
one will set the print range of the calculator to include only section included
in the red and blue borders. The bottom button will set the print range large
enough to accommodate a 30-year loan. Keep in mind that if you are printing a
15-year loan you may want to manually set to print range to a smaller area so as
to not needlessly run extra pages through your printer. |
