Release 3.00
Apr 17, 2005
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Sybernet / Supplied Procedures Reference
Release 3.00 Apr 17, 2005 |
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Need a loan? Use this application to see how your interest rate can affect your total payment. The Loan Calculator calculates your monthly payment and displays the total interest you will have to pay. If you're thinking of applying a prepayment to your loan, you can see the effect of that as well with the amoritization table.
| Field | Description |
|---|---|
principal |
This is the amount of your loan. |
rate |
This is your interest rate |
years |
This is the length of your loan in years. |
monthly payment |
Your calculated monthly payment. |
total interest |
The calculated interest you will pay on this loan. |
total mount of loan |
The sum of principal plus total interest. |
The Amortization Table button allows you see how your payments are distributed. In the beginning of your loan almost all of your payments are applied to interest. Towards the end of your loan almost all of your payments are applied to principal.
| Prompt | Description |
|---|---|
When does your loan begin? |
This prompt allows you to specify the beginning date of your loan. This is useful if your loan is several years old and you just want to know when it will stop, or you anticiapte adding a fixed prepayment to your loan. Just click OK if the loan starts today. |
Additional Principal? |
This prompt allows you to enter a constant prepayment to your loan. What happens is this prepayment is applied to your principal. This reduces the amout of your loan and the time it takes to pay it off. The summary at the bottom of this function will show you how much interest you saved. |