Mortgage Payoff Calculator

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Mortgage Payoff Calculator Powered By Docstoc
					   INSTRUCTIONS:
   Loan Amount: Enter the Amount you will need to borrow to purchase your new home.
   Annual Interest Rate: Enter the interest rate that you will be locked in at with the lender
   Term of Loan: Enter in the number of years the loan is for.
   The payment information and Totals will be automatically calculated.
   BALANCE at Year: Enter in the year you would like to know what your outstanding balance and built up equity will be.
   i.e. If you plan to stay in your house 5 years and then resell, enter in 5.
   If you put any money down as a down payment, enter it next to Original Down payment. This will add to your equity.

Mortgage Payment Calculator

   Compound Period                                   12          Enter 12 for US mortgages

   Mortgage Information                           Option #1        Option #2          Option #3     Option #4     Option #5
   Loan Amount
   Annual Interest Rate
   Term of Loan (in Years)

   PAYMENT
   Monthly Interest Rate                                   ---                  ---           ---           ---           ---
   Monthly Payment (PI)                                   ---                  ---           ---           ---           ---
   Extra Monthly Payment
   Total MONTHLY PAYMENT                                  ---                  ---           ---           ---           ---
   Total does not include Property Taxes or PMI
   TOTALS
   Number of Payments                                      ---                  ---           ---           ---           ---
   Number of Years to Payoff                               ---                  ---           ---           ---           ---
   Total Payments                                         ---                  ---           ---           ---           ---
   Total INTEREST                                         ---                  ---           ---           ---           ---

   BALANCE at Year …
   Outstanding Balance                                  ---              ---            ---                ---           ---
   Interest Paid                                        ---              ---            ---                ---           ---
   Original Down Payment
   EQUITY                                               ---              ---            ---                ---           ---
   Caution: Results are only estimates. Interest rates may vary, values may be off due to rounding,
   and the calculator does not take into account fees,
   closing costs, property tax, mortgage insurance, tax deductions, etc.
Help
   Use this mortgage calculator to determine the monthly payment for different mortgages.
See how soon you could pay off your home by making extra payments.
Calculate the equity in your home after a specified number of years.

Caution: This calculator is only for educational purposes. The results are only estimates. The calculator does not
include rounding, fees, missed payments, property tax, mortgage insurance, and other factors that may be important
when making loan or home buying/selling decisions.
Please consult a qualified professional regarding financial decisions.

Compound Period: The number of times per year that the quoted annual interest rate is compounded.
US mortgage rates are quoted based on a monthly compound period (enter 12 for US mortgages).
Canadian mortgage rates are quoted based on a semi-annual compound period (enter 2 for Canadian mortgages).

Loan Amount: This is the amount that you have borrowed. You can also enter your current balance, if you also adjust
the Term of Loan to be the number of years left to pay off the mortgage.

Annual Interest Rate: This is the rate that is usually quoted by the lender.
This calculator assumes a fixed annual interest rate. See the note under "Compound Period".

Term of Loan (in Years): The total number of years it will take to pay off the mortgage.
Mortgages usually have 15 or 30-year terms. If you enter your current mortgage balance in the Loan Amount,
then enter the number of years you have left on your mortgage. You can enter a formula to a specify the number of months.
For example, to enter "10 years + 3 months", enter the following formula: =10+3/12

Monthly Interest Rate: The monthly interest rate is calculated from the annual interest rate and the compound period.

Monthly Mortgage Payment (PI): Both principal (P) and interest (I).
Derived from the amount borrowed, the term of the loan, and the mortgage interest rate

Extra Monthly Payment: The extra amount you want to pay towards the principal each month
(a regularly scheduled prepayment). This assumes no penalties for making prepayments. To estimate Accelerated
Bi-Weekly payments, enter an Extra Payment that is equal to the normal Monthly Mortgage Payment divided by 12.
Normally, accelerated bi-weekly payments are set up such that each year the total amount of extra payments is
equal to one normal monthly payment.

Number of Payments: This would normally just be 12 months * the term of the loan, except that making extra payments
can result in paying off the mortgage early. The NPER formula is used to calculate the number of payments required to
pay off the mortgage, taking into account any extra payments.

Total Payments: The total amount paid (both principal and interest) over the life of the loan.

Total Interest: The total amount of interest paid over the life of the loan.

BALANCE at Year … Enter a year to determine how much equity you will have in your house by that time.
Outstanding Balance: The amount of principal that you still have to pay.

Interest Paid: The total amount of interest paid after the specified number of years.
Original Down Payment: To calculate the total equity in your home, include your original down payment.
Do not include closing costs and other non-refundable fees.

EQUITY: This tells you how much equity you will have in your home after the specified number of years,
taking into account the principal paid, extra prepayments, and the original down payment.

				
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