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How to Calculate Mortgage Principal Remaining

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					                                                            Fixed Rate MIDP Calculator


              MORTGAGE INTEREST DIFFERENTIAL PAYMENT (MIDP) - TRADITIONAL BUY DOWN METHOD
                                              Reference: 49 CFR 24, Appendix A, Section 24.401(d)
                                  SECTION A: Please Enter Parcel Information and Data into this Section (Yellow)

Project Name             Project                                                                                             is a Required Entry
Project Number           Number
Parcel Number            Number
Displacee Name           Name
Calculated by            Name
Date
Existing (Old) Mortgage Balance                                                    Existing Mortgage
Existing Months Remaining*                                                         Existing Mortgage
Existing Annual Interest Rate                                                      Existing Mortgage
Existing Monthly Payment                                                           Existing Documented Mortgage Payment for Principal and Interest only
New Mortgage Amount                                                                New Mortgage
New Mortgage Term in Months                                                        New Mortgage
New Monthly Payment (Optional)                                                     Not Needed for the MIDP
Lesser: Prevailing or New Interest Rate                                            Lesser: Prevailing or Actual Interest Rate for New Mortgage
Points or Loan Origination Fees                                                    New Mortgage

                                       SECTION B: Calculated Mortgage Interest Differential Payment (MIDP)

                                                                                                  MIDP, including Points:                     #DIV/0!

                                              SECTION C: Worksheet for Traditional Buy Down Method

Calculated Existing Monthly Payment                                  $0.00         Calculated on the existing balance, months and interest rate
Calculated Number of Months Remaining                      #DIV/0!                 Appendix A, 49 CFR 24.401(d)
Revised Existing Monthly Payment                           #DIV/0!                 Calculated in accordance with Appendix A, 49 CFR 24.401(d),
                                                                                   if the new term is less than the remaining term
                                                             #DIV/0!
               Worksheet to Develop a Mortgage Balance that Sustains the Existing Monthly Payment, using the New Interest Rate

Calculate a revised mortgage balance to maintain the existing monthly payment of                                                              #DIV/0!
           for #DIV/0!                     months, at an annual interest rate of                      0.000%
                (Lesser of remaining or new term in months)                             (Lesser of prevailing or new interest rate)

                 The Revised Mortgage Balance Required is:                            #DIV/0!

                                                           Worksheet Development of MIDP

The Existing Mortgage Balance Amount:                                                                                                               $0.00

Subtract the Revised Mortgage Balance Required, as calculated above:                                                                  -       #DIV/0!

Calculated Increased Mortgage Interest Cost:                                                                                          =       #DIV/0!
Calculated Pro-Rata Increased Mortgage Interest Cost                                                                                  =       #DIV/0!
(if New Mortgage Amount is less than the Revised Mortgage Balance Required):
Add Points of    0.000% on the Lesser of the Revised Mortgage Balance or New Mortgage Amount:                                         +       #DIV/0!

Calculated MIDP (buy down including points): amount necessary to maintain existing monthly
                                  payment of         #DIV/0!         for     #DIV/0!    months @                    0.000%            =       #DIV/0!

*Worksheet calculates the remaining term. If remaining term is less, for such as Balloon Payment, then the lesser term is used.




                                                          05dd3148-b013-48b8-ba98-3af76a482c38.xls

				
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Description: How to Calculate Mortgage Principal Remaining document sample