| T.R | Title | User | Personal
Name | Date | Lines |
|---|
| 459.1 | | SOLVIT::REDZIN::DCOX | | Fri Apr 23 1993 16:51 | 8 |
| I presume (which gets me into trouble form time to time) that you are
looking for the standard Annuity formula; that is, for P=principal,
n=number of periods, PMT = payment per period, and i = interest rate
per period:
PMT=P/((1-((1+i)^n))/i)
Dave
|
| 459.2 | normal amortization | SLOAN::HOM | | Mon Apr 26 1993 08:08 | 7 |
| For a fixed rate mortage, the interest paid for a given month
is just the balance x annual interest / 12.
You can verify this requesting this information from your
bank. Some banks print this information on the monthly statement.
Gim
|
| 459.3 | It's already out there | KALI::PLOUFF | Lifestyles of the unrich and anonymous | Mon Apr 26 1993 09:11 | 13 |
| There are several public domain programs for the IBM PC, UNIX systems,
and various personal computers which do exactly what the basenoter
desires. A little poking around might save considerable time if the
results are more important than the method.
It's been my experience, though, that calculations done at home never
match the bank's numbers exactly because of partial month payment at
the beginning of the loan term, and because the bank probably uses a
different calculation method than the simple formula for whatever
(historic?) reason. However, for results within $10-50 the PD software
does just fine.
Wes
|
| 459.4 | Thanks! | MRSVAX::TSMITH | That rabbit's dynamite... | Mon Apr 26 1993 10:13 | 5 |
| Thanks to everyone. That's what I needed to know. I guess I'll ask the bank
for an amortized schedule so I can see how close mine comes to it.
Cheers,
/T
|
| 459.5 | OpenVMS pgm available | TOOK::FAULDS | | Fri May 07 1993 15:51 | 8 |
| For the VAX processor family...check the Toolshed.
METOO::TOOLS$LIBRARY:MORTGAGE.LIS (also .KIT)
ABSTRACTS.LIS in the same location lists ALL the tools available in the
toolshed and a synopsis of each tool.
-Rob
|