I am wondering of anyone out there knows were to find a mortgage
calculator on the net that can do the following. The calculators that
I have found start the figuring at the beginning of the loan..Your
mortgage is xxxx at percent xxx if you add xxx per month then your
amortization table will look like this. What I want is a calulator
that would perhaps figure out if you start paying extra five years
into your mortgage, not at the beginning. If there is a calulator out
there like that, please post it.


Thanks

Gary wrote:
I am wondering of anyone out there knows were to find a mortgage
calculator on the net that can do the following. The calculators that
I have found start the figuring at the beginning of the loan..Your
mortgage is xxxx at percent xxx if you add xxx per month then your
amortization table will look like this. What I want is a calulator
that would perhaps figure out if you start paying extra five years
into your mortgage, not at the beginning. If there is a calulator out
there like that, please post it.

I am not sure if this is precisely what you want, but all you have to do
is use a 25 year loan rather than a 30 year loan and the interest rate
you have. If you plug this into one of the existing calculators that
allow extra principal payments, then you should be fine. If you need to
get the principal amount remaining after 5 years, then use the
calculator without adding principal payments and for 30 years and look
at the amortization table.
As for links, a very thorough mortgage calculator seems to be he
http://www.hughchou.org/calc/mort.html
and it even lets you specify how often you want to pre-pay, etc... Also,
I have found that the downloadable calculator from homeresearcher.com is
also useful and perhaps a little quicker on slow internet connections.
Unfortunately, it doesn't allow you to save the data from the calculator
out. On the other hand, you should be able to open the sheets created by
the other calculator in excel and play with them.

On Thu, 30 Sep 2004 09:28:37 -0400, someone wrote:

...On the other hand, you should be able to open the sheets created by
the other calculator in excel and play with them.

Its not that hard to do this with Excel or any spreadsheet. I have
held a few private mortgages (only one still out there now), and to
accurately track the amount owed when people paid extra, you pretty
much need a basic spreadsheet that lets you input each month's income
whatever it turns out to be, rather than just a 'program' or
'calculator' that assumes the same thing happens every month.

A generic "calculator" will be making generic simplified assumptions.
If you want a custom analysis, you'll need a custom spreadsheet.

Just remember that this month's payment consists first of the monthly
interest rate (annual rate/12) times the previous principal amount;
that's the portion of the payment that is interest. Then the rest of
the payment is principal, that's what you subtract from the previous
principal to get the new principal, and then you do it all over again.

The formula just repeats. Try it with the basic fixed payments all the
way to the end, and you'll see the prin slowly (and then swiftly)
decline, and how everything zeros out with the last payment (subject
to petty roundoff). Then you can go back and put in any extra prin
you want any time you want, and see where that gets you.

-v.

Gary wrote:

I am wondering of anyone out there knows were to find a mortgage
calculator on the net that can do the following. The calculators that
I have found start the figuring at the beginning of the loan..Your
mortgage is xxxx at percent xxx if you add xxx per month then your
amortization table will look like this. What I want is a calulator
that would perhaps figure out if you start paying extra five years
into your mortgage, not at the beginning. If there is a calulator out
there like that, please post it.

Thanks

Check out Bankrate.com's at:

http://www.bankrate.com/brm/mortgage-calculator.asp