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  1. #1
    Silver Lounger
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    Loan / Amort Calculator

    I'm aware that Excel is a fairly useful calculator. <img src=/S/smile.gif border=0 alt=smile width=15 height=15>
    And I know there are many websites with nifty calculators... like this one!

    But I'm looking for a standalone loan calculator. One that I can download to my machine. One that will allow you to fill in the various fields and then auto-calculate the remaining (blank) field. And it would be even better if it provided a way to print the amortization tables. And conduct what-if scenarios like balloon payments, extra payments, changing interest rates, etc.

    <img src=/S/free.gif border=0 alt=free width=30 height=15> is good, but I'd pay for the right product.

    Thanks,
    - Ricky

  2. #2
    Plutonium Lounger
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    Re: Loan / Amort Calculator


  3. #3
    Platinum Lounger
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    Re: Loan / Amort Calculator

    <hr>Free is good, but I'd pay for the right product.<hr>No, <img src=/S/free.gif border=0 alt=free width=30 height=15>(ware) is the only way to go! <img src=/S/grin.gif border=0 alt=grin width=15 height=15>

    <A target="_blank" HREF=ftp://ftp.jaring.my/pub/simtelnet/win95/finance/mw62-32.zip>Mortgage Wizard</A> (1.1MB)
    This free for non-commercial use program can calculate payments, remaining balance, amortization period, interest rate and affordable amount. Amortization schedule is in scrollable spreadsheet format with screen splitting and formatting capabilities. Payment distribution can be displayed in tabular form, in various reports, pie, line and bar charts. Use this tool to become mortgage free sooner. The program does Canadian, American and foreign mortgages. Includes many features, on line help and manual. Nice screen displays and printouts.
    Edited - Looks like an unreliable server. Maybe try http://www.filelibrary.com:8080/Cont...ows/118/9.html

    Loan*Calculator! Plus (1MB) includes 5 easy-to-use calculators in 1 program: Loan, Interest Due/Calendar Math, Remaining Balance, Accelerated Payment and Balloon Payment. In addition, the program now has the ability to produce amortization schedules. Version 2.0 also adds the notion of Financial Advisors. Advisors provide text based answers to a particular financial question. The Refinance Advisor included with the program, compares the costs associated with an existing loan to those associated with possible refinancing and prepares a suggested course of action based upon whether or not the refinancing will save the borrower money. You can run multiple copies of a calculator for fast side-by-side comparisons. You just fill-in-the-blanks, and press the CALC button. The results can be copied to the Window's clipboard to include in another program or printed to any printer. Loan*Calculator! Plus is FREE for all non commercial users. There are no strings attached. No time limits. No restrictions for noncommercial use.

    Alan

  4. #4
    Plutonium Lounger
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    Re: Loan / Amort Calculator

    And just in case you're one of the many users of a PDA-like device, I bought one for my Palm m515 a couple of years ago - there are lots of varieties and they're not usually expensive. The one I bought is C4 - advanced financial calculators and engineering tools for the Palm OS

  5. #5
    5 Star Lounger
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    Re: Loan / Amort Calculator

    Ricky,

    Many years ago I wrote such a program that you are seeking, in QuickBasic. After a few years I dumped it in favour of using Excel.

    Now, I do realize that you are looking for a standalone program and with many versatile features. Having said that, I have attached a WinZipped file of the Excel spreadsheet I use. Making an assumption that you have Excel, take the mortgage calculator for a spin to see if it gives you some desired results. All of the system calculated cells are password protected to prevent accidental corruption. All the variable fields accept user input.

    I offer it as a total freebie to you or anyone else. I will provide the appropriate password to unlock the protected cells should you decide that you want to see the inner workings of the formulae.

    Regards, Bob

    P.S. Just noticed that I cannot upload the winzipped file as it is 223kb and the max allowed is 100kb. If you still want the file send me a PM with an address where I can e-mail the file.
    Regards,
    Bob

  6. #6
    Silver Lounger
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    Re: Loan / Amort Calculator

    Bob - Thanks, that's very kind of you. I have PMed you with my email address. If you don't mind, let me know what the unlock password is, I like to see how things work (educational!)t...

    Stuart - I appreciate the link to the template page. I pulled several of the templates to my machine. The college tuition calculator revealed what I already knew...my kids better focus real hard on earning scholarships!!

    Alan- Nice finds. I have installed both and have been test-driving for a few days. So far, I think the printed reports look better in the Mortgage Wizard. Just what I was looking for.

    Big Al - A good find, as well. Looks like a must-have for those who carry a Palm.

    <font face="Comic Sans MS">A quick off-subject question for those non-US loungers... Do mortgages and auto loans work the same in your world as they do here in the US? In the US, it is very common to finance a home for 30 years and if you take the entire 30 years to pay off the mortgage, you would end up paying triple the original cost of the home!!! And is it common to finance a vehicle for 60 to 84 months? Seems like I've never had a car that lasted as long as the payments did... Just curious if it's the same elsewhere...</font face=comic>

    <img src=/S/cheers.gif border=0 alt=cheers width=30 height=16>
    - Ricky

  7. #7
    Platinum Lounger
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    Re: Loan / Amort Calculator

    From what I know of loans in <img src=/S/flags/Australia.gif border=0 alt=Australia width=30 height=18> they all work in much tha same way. There are penalties if you decide to pay off the loan in less than the agreed time; although some lenders try to compete by allowing (some) sort of concession scale on said penalties.

    The first home loan I had I was able to borrow the minimum to qualify for the government first home buyers grant, then pay it all of in a year (also the government minimum to qualify). This may have had something to do with the bank manager frequenting the same local pub as me <img src=/S/evilgrin.gif border=0 alt=evilgrin width=15 height=15>. This was the exception rather than the norm, even 2 or 3 decades ago. Now it's all tied up tightly with corporate knots, and I don't think that kind of "discretionary" flexibility exists anymore with the banks.

    Alan

  8. #8
    5 Star Lounger
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    Re: Loan / Amort Calculator

    Hi Ricky,

    Regarding your "quick off-subject" question... in Canada, mortgage loans are typically amortized over a 25 year period (shorter amort periods are available) with initial terms ranging from 6 months to 7 years and various rates depending on the term selected. At the end of the term, another term can be selected with the then going rates for the remaining amortization period. All the variables would be hard to explain in a single e-mail. Here's the link for one Canadian bank's Royal Bank of Canada mortgage page. A review of that site might give you an inkling into the "Canadian" approach to mortgages.

    Car loans are typically for a maximum period of 60 months, and again the borrower has a wide selection of shorter terms. Here's the Royal Bank Personal Loan site.

    If one wants to "early-retire" a mortgage loan then there are usually penalties applied. These penalties are referred to as LIC (Lost Interest Compensation) charges. and can be either 3 months interest cost or the difference in interest at the documented loan rate and the current loan rate. I do have a spreadsheet for calculating LIC charges if you are interested. Regarding personal loans, such as a car loan, these do not usually attract LIC if paid earlier than the agreed to date.

    Hope this helps.

    Cheers, Bob
    Regards,
    Bob

  9. #9
    5 Star Lounger
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    Re: Loan / Amort Calculator

    In <img src=/S/flags/Switzerland.gif border=0 alt=Switzerland width=18 height=18> personal loans are still fairly uncommon. Even credit cards aren't used that much. They seem to have this strange philosophy that if you don't have the money you can't afford it. When I first signed up for a credit card here, they made it conditional on them deducting my entire balance due automatically from my bank account each (and every month). That was 18 years ago but just last month I got a letter from them saying that "if I wanted to" they would allow me to carry a balance from month to month (subject to the usual usary interest rate of 8 1/2% (savings accounts pay 0.25%)). I declined their kind offer, but did recycle the paper it was written on.

    When we bought our home we had to come up with a minimum of 20% down payment. Housing costs here are high and that downpayment was more than I would have paid for an equivalent home in Vancouver! With a bit of help from the inlaws and a second mortgage at the bank where my wife works we came up with the 20% and financed the remainder over 50 years. i.e. 2% amortisation per year. Although it was for 50 years we first locked in the interst rate for only 3 years, subsequently 4 and this time around 5 years at 2 5/8% interest. We have upped the capital repayment as well. So each quarter (not monthly or daily) we get a statement reducing the outstanding by the agreed amount and interest of 2 5/8ths of the outstanding amount at the end of the quarter. At the end of this last 5 year term we have decided (probably) to stop repaying the capital (and use that money to make money elsewhere) and just pay the interest. For tax reasons this will make sense giving us the maximum writeoff of the mortgage and minimising taxes on our fortune.

    When my brother, still in Canada, tells me of his 'daily interest mortgage' I cringe - but his interest rate is still higher ...

    So any Loan / Amort Calculator for Switzerland would need to account for the quarterly payments etc. Something you don't see very often!

  10. #10
    Silver Lounger
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    Re: Loan / Amort Calculator

    Wow! A 50 year mortgage! <img src=/S/drop.gif border=0 alt=drop width=23 height=23>

    <center>
    <hr>They seem to have this strange philosophy that if you don't have the money you can't afford it.<hr>
    </center> That's probably considered excellent advice no matter where you're from...

    <img src=/S/cheers.gif border=0 alt=cheers width=30 height=16>
    - Ricky

  11. #11
    Plutonium Lounger
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    Re: Loan / Amort Calculator

    Yeah! And I love the sound of those 2 percent-ish numbers. WAY back when Billie and I got our first "own" home in 1966 here in Kentucky, we considered ourselves lucky to get a mortgage down in the 3 or 4 percent range!

  12. #12
    5 Star Lounger
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    Re: Loan / Amort Calculator

    I'm not absolutely familiar with how mortgages and loans work here in <img src=/S/flags/Argentina.gif border=0 alt=Argentina width=30 height=18> (I haven't taken any yet). I suspect 50- or even 25-year terms are a little too much given the reigning juridic insecurity, which of course causes rates to stay at a high level.
    I think the rates Bowlie quoted were stated as nominal anual convertible monthly, right? Believe me 8.5% is a good deal here.
    Immediately after Dec 2001's collapse and Jan 2002's Peso depreciation, I remember plazos fijos (the most similar instruments I know of in the US are Certificates of Deposits) paying about 150% effective anual. How's that? I'm not sure, but I'd guess there were no banks offering mortgages / loans at that time. Fortunately things have settled down a bit over the last two years and now banks are offering again; still people is reluctant to take loans (no wonder).

    As for the methods of repaying loans, the most widely spread ones here are the [i]Sistema Franc
    <img src=/w3timages/blue3line.gif width=33% height=2>
    <img src=/S/flags/Argentina.gif border=0 alt=Argentina width=30 height=18> <big><font color=4682b4><font face="Comic Sans MS">Diegol</font face=comic></font color=4682b4> </big>

  13. #13
    5 Star Lounger
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    Re: Loan / Amort Calculator

    No, the 2 5/8ths is the annual interst rate. If it was any higher nobody could afford to buy housing here. Annual inflation rate is less than 1/2 of 1% so our mortgage rate is over 5 times the inflation rate. Now if you applied that to (don't cry for me) Argentina ... <img src=/S/drop.gif border=0 alt=drop width=23 height=23>

  14. #14
    5 Star Lounger
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    Re: Loan / Amort Calculator

    Hello Bowlie,

    >> No, the 2 5/8ths is the annual interst rate.

    That's what I meant by "nominal annual convertible monthly". An "effective" rate is the rate you or the bank effectively obtain, ie, the ratio of the amount of interest earned in the period to the capital at the beginning of the period. On the contrary, a "nominal" rate is a sort of commercial device to call it something; it's not really a rate of interest, in the sense it does not immediately give an idea of neither the absolute or the relative amount of interest involved, and it'll take more calculations to get the right number.
    Most rates in the market are quoted as nominal anual convertible monthly. That means you divide the big one-year period into about 12 one-month periods (depending on the financial institution, the exact number can be 12 or 365/30, which is a little bigger); then for each sub-period you compute interest on the balance, which requires an effective rate. This results from dividing the stated nominal annual rate by 12 or 365/30, depending again on the institution (in your case, assuming 2 5/8ths% = .02625 is the nominal rate, the effective monthly rate would be .02625 / 12 = .0021875 or .21875%). That means the effective annual rate is 1.0021875^12 - 1 = .02656.
    Compare the effective rate of .02656 with the nominal one of .02625. There's a small difference because rates are small in this case, but you'd better watch for rates being effective or nominal when they are bigger (especially in Argentina) <img src=/S/wink.gif border=0 alt=wink width=15 height=15>

    In this case the "conversion period" is one month ("convertible monthly"), but it might as well be a two-month period, a quarter, etc. In all cases, the nominal annual rate, "j", is defined by the relation:

    j(m) = i(m) * m,

    where "i" is the effective rate for each conversion period and "m" is the number of conversion periods in the year (eg, 12 or 365/30 for monthly conversion; 4 or 365/90 for quarterly conversion; etc).

    I'm sorry if this was a little too much. Many of you may be familiar with these concepts but I thought it would help to clear out the confusion.
    If it contributes to the debate, most people in my country are not familiar with these concepts. Asymmetry of information plays a key role in the financial world.

    ... let alone inflation rates. Those would complicate things a little bit. But just FYI, we have investment instruments indexed with an ad-hoc official index reflecting inflation. This index has gone up more than 50% from February, 2002 to date.
    <img src=/w3timages/blue3line.gif width=33% height=2>
    <img src=/S/flags/Argentina.gif border=0 alt=Argentina width=30 height=18> <big><font color=4682b4><font face="Comic Sans MS">Diegol</font face=comic></font color=4682b4> </big>

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