Home_Mortgage_Calculator

Home_Mortgage_Calculator - 25 years Interest rate 6.50%...

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HOME MORTGAGE CALCULATOR Annual Income $120,000 Husband and wife Available for debt. 25.0% Determined by lender Affordable Mo. Loan Pay $2,500 Ann. avail. / 12 LOAN AMOUNT Term 30 years Interest rate 6.50% annual Mo. Loan Payment $2,500 Loan Amount $395,527 Every entry amount is MONTHLY MAXIMUM HOME VALUE % Downpayment 20.0% Max Home Value $494,409 Loan amt divided by % of loan to purchase price $ Downpayment $98,882 LOAN PAYMENT Term
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Unformatted text preview: 25 years Interest rate 6.50% annual Loan Amount $370,257 Monthly Payment ($2,500) Negative indicates money paid out Annual Payment ($30,000) When you have 3 of the four amounts (term, I, loan amt (PV) and payment) you can always calculate the 4th. Excell formulas are : To calculate Payment pmt () To calculate loan amount pv() To calculate interest rate () To calculate Payment NPER ()...
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This note was uploaded on 09/01/2011 for the course BUSINESS 101 taught by Professor Jones during the Spring '11 term at Southern Nazarene.

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