Enter the dollar amount borrowed. For instance, a Eighty Thousand dollar loan would be keyed in as 80000.00.

Enter the annual interest rate for the loan. For instance, an 8 1/2 percent loan would be keyed as 8.5. For adjustable rate mortgages, enter the starting interest rate of the loan.

Enter the length of the mortgage in years and months. For instance a 30 year loan is 30 years and 0 months, a 10 1/2 year loan is 10 years and 6 months.

Enter the amount of extra principal payment to be applied to the current month. This amount is subtracted from the outstanding loan balance and affects the amount of interest owed on the loan.

Enter the date that your first payment is due. The date should be in the MM/DD/YYYY format. if your first payment is due September 1, 1992, then key in 09/01/1992.

Designed by : Data Design Group, Inc.

Press the Help icon at any point to see this file.

Enter the periodic payment for the loan. For instance, if your monthly principal and interest payment is $705.15, then enter 705.15. Notice that this is only principal and interest. It does not include taxes and insurance.

You may save amortizations by using your browser's Save As menu. Choose a filename and save the file to disk. You may then open the file in your browser by using the Open menu. Simply choose the file that you saved to disk. If you bookmark this file, then it is a simple task to rechoose this file via bookmark. After the file is loaded, to see any changes you make, press the Recalculate button, and then use Save As again to resave the file.

Choose fixed or adjustable rate loan off the main screen. You must
know the amount, annual interest rate, and term of the loan.

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See Also:

> Saving and Reloading Mortgages

Enter the amount of additional money to apply to the
principal for each payment. The amount will be applied
starting at the specified payment number in the
Starting At Payment# field. For example, if you want
eighty dollars applied to every month key in 80 for
Starting At Payment# field.

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Enter the starting payment number for applying additional
principal for each payment. The additional principal
will be applied starting at this payment and continuing
through the last payment or until the loan is payed off.

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Additional Principal

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Use the Print command of your browser to print any page.

The amortization chart at the bottom of the Mortgage screen can display 12 payments per screen. If you wish to display only data with the same year as the top entry, then enter Y. Otherwise enter N.

Enter descriptive information about the mortgage. For example: Home Mortgage- 1st National Bank.

Enter a starting date. For reports, this date is the first date of the mortgage on the report. For Mortgage comparisons, enter the first date of the mortgage to start comparing.

Enter dollar amount the mortgage should increase by on the left hand side of the payment chart.

Enter number of years mortgage should vary for top side of mortgage chart.

Enter percentage amount to vary initial interest rate for top side of mortgage chart.

Enter either F for a fixed rate loan, or A for an adjustable rate loan.

Enter Y to see the difference between the payment in the first column and payments in the columns to the right. Enter N to see payments in all columns.

Enter the date in MM/DD/YYYY format that you wish to pay
the loan off.

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Starting Payment #

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Enter the first payment number to apply extra principal.
The extra principal is applied starting at this payment
and continuing until the loan is payed off on the date
you specify.
For instance,if you want to pay off your loan on
Jan 1, 2000, and your next payment is due on 01/01/1994,
enter the payment # that corresponds to that date.

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Payoff Date

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Enter the maximum number of percentage points that
your loan can increase over the initial percentage over
the life of the loan. For instance, if your loan starts
out at 5%, and can go no higher than 10%, then enter 5.

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Maximum Annual % Increase

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Enter the maximum number of percentage points that
your loan can increase over last year's percentage.
Most adjustable rate loans are capped at 2 percent.
Example, if this year's rate is 7 percent, and the
cap is 2 percent, then next year is limited to 9 percent,
and the year after that to 11 percent ( Assuming we're
not over the Maximum Loan % Increase).

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Maximum Loan % Increase

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Enter the interest rate for the each year. If the year is in the future then enter the maximum rate allowed for that year.

Enter the number of payments to compare. For example, if you wanting to compare only 3 years of payments, then enter 36.

Enter your annual gross income. Gross income includes salary plus miscellaneous income. Example 50,000.00 dollars a year.This amount is multiplied by a percentage to estimate the maximum monthly outlay for housing.

Enter dollar amount the Annual Gross Income should increase by on the left hand side of the chart.

Compare Mortgage Choose this menu option to compare 2 mortgages. Enter the loan parameters for both and click on the appropriate buttons.

Use this screen to compute either a Payment, Loan Amount, Interest Rate, or Loan Term. Simply leave the unknown value blank and click on Recalcuate.

Use this screen to to see a payment chart where the
payment is effected by changes in the interest rate.

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Payment Chart-Year

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Use this screen to to see a payment chart where the
payment is effected by changes in the term of the
loan.

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Payment Chart-Rate

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Use this menu to to see how much mortgage payment or loan amount you can afford.

This percentage is used by the Affordability Chart to
determine the maximum monthly housing expense. This
percentage is multiplied by the monthly gross income.
The resulting number is the maximum monthly housing
expense, including P&I, taxes, and insurance (PITI).
For example, if your gross annual income is $48,000,
your monthly gross income is $48,000 / 12 = $4000.00.
If a percentage of 28 is used, your maximum monthly
housing expense would be $4000 * 28% = $1,120.00.
The house expense include principal & interest, taxes,
and insurance.

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Maximum Debt Payment, Percentage of Monthly Income

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Percentage of Maximum PITI for P&I

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This percentage is used by the Affordability Chart to
determine the maximum monthly debt amount. This
percentage is multiplied by the monthly gross income.
For example, if your gross annual income is $48,000,
your monthly gross income is $48,000 / 12 = $4000.00.
If a percentage of 36 is used, your allowable monthly
debt would be $4000 * 36% = $1,440.00. This amount
includes debt obligations only, such as house payment,
auto payment, credit card bills. It does not include
normal living expenses such as food and utilty bills.

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Maximum PITI- Percentage of Monthly Income

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Percentage of Maximum PITI for P&I

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This percentage is used by the Affordability Chart
to determine the principal & interest portion of a
house payment. For example, if $1000 is the maximum
house payment, and 80 is used, $1000 * 80% = $800.00.
$800 represents the principal and interest portion of
$1000. The other $200 is for taxes and insurance.

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Maximum PITI- Percentage of Monthly Income

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Maximum Debt Payment, Percentage of Monthly Income

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