Calculation - P&I Loan

[gav]

From: Gavin Finn


Can someone help with the following:
I am looking for a calculator that will tell me how much I will owe at a particular point in time taking into a/c the interest rate, repayment amount plus any additional repayment amounts that are added. Eg If I had a loan of 100k and my aim was to have it down to 85k in 6 months time, what would I have to contribute each month/fortnight to get to this figure

I have searched the web but with no luck

Thanks
gav

 

[duncan_m]

Reply: 1
From: Duncan M


There's a basic amortization calculator online at:

http://list.realestate.yahoo.com/re/calculators/amortization.html

Sorta does what you want, but only by trial and error.. Hope it helps.


Regards,

Duncan.

 

[Rolf Latham]

Reply: 2
From: Rolf Latham


Hi Gavin

Theres a few amortization calcs like the one Duncan mentioned, use search engines like Altavista and youll get truckloads.

Ta

Rolf

 

[Owen]

Reply: 2.1
From: Owen .


Also try the PMT function in Excel (if you have it). You can enter your interest rate, period, starting figure, ending figure and it will work out your payment for you.

=PMT(D6/12,E6,B6,C6)

D6 = 6.5% (Interest rate /12 for months)
E6 = 6 (number of payment)
B6 = $100,000 (Present Value)
C6 = $85,000 (Future Value)

Answer = $2649.42 per month.

Owen

"Gambling promises the poor what property performs for the rich – something for nothing"

 

[new class]

Reply: 2.1.1
From: Anony Mouse


Gavin
I use my trusty Casio fc-100 (Financial Consultant) available for around $70 at Officeworks. Does calculation like that in a breeze.
Most calculator will solve,if you have any four of the following five inputs.

present value
future value
periodic interest rate
payment
no. compounding periods

"A government that robs Peter to pay Paul can always count on the support of Paul."
Of course, Paul's support is obvious, but it is equally obvious that to rob from Peter to pay Paul will make Peter
very, very angry.
My question is this: "How can you run a good government with a sore Peter?"

 

[Donna L]

Reply: 2.1.1.1
From: Donna L


Hugh's calculators are my favourite:
http://www.interest.com/hugh/calc/

Try generic loan amortisation - you can
change any of the parameters.

Also has calculators that look at what
happens if you add an extra $100 a
month etc.

Donna L

 

[jayhunter2000]

Reply: 2.1.1.1.1
From: Jay Hunter


Hi Gavin,

The best i have found is:

http://www.homeloansnow.com.au

or use the Westpac one only if you want to get confused and really frustrated!


Jay