Amoritization Information Please - Posted by Nancy (NC)

Real Estate Investing
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Posted by Nancy(NC) on February 07, 2005 at 07:26:48:

Hi Bob:

Thanks! I went to that site and it looks great.

Nancy(NC)

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Amoritization Information Please - Posted by Nancy (NC)

Posted by Nancy (NC) on February 04, 2005 at 09:43:39:

Hi:
I manage a mobile home park and the owners are financing MHs. One couple pays ahead each month but never the same amount.

I have tried to find an online amoritization site that will allow me to add additional amounts each month above the required principal and interest but can’t find what I need.

Any suggestions?

Thanks!
Nancy (NC)

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Re: Amoritization Information Please - Posted by Bob Pekarski

Posted by Bob Pekarski on February 06, 2005 at 21:13:33:

Try RealTools (www.niche-sw.com), it does exactly what you are asking, handles prepayments and such. You can find it on ebay for less than retail, search for real estate investing software.

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Re: Amoritization Information Please - Posted by Randy (SD)

Posted by Randy (SD) on February 04, 2005 at 15:56:36:

You’re going to have a very difficult time with fluctuating payment amounts. In other words if their loan is a straight thirty-year loan at 8% interest payment amount $800 (or what ever) and they paid an additional $100 a month each and every month, you could easily account for that. But if this same loan scenario with a regular payment of $800 a month and one month they pay $100 extra and the next month they pay $72 extra in the following month they pay another odd amount, you would have a new amortization on the loan each month.

Now a simple solution is to advise the payor if they make additional payments they will be held in a separate escrow account and applied on an annual basis, therefore you only have to recalculate the loan once a year as opposed to monthly. Another solution is to tell the payor if they wish to make additional payments, make the additional payments this same amount each month, the advantage here is of course they will benefit from the interest savings by having their payments applied monthly as opposed to annually. A final suggestion would be to have additional payments deposited in an interest-bearing account (of course their interest earnings will not be as great as the interest being charged) but you could credit their interest earnings on an annual basis as well.

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Re: Amoritization Information Please - Posted by Rich[FL]

Posted by Rich[FL] on February 04, 2005 at 11:18:37:

www.realdata.com has a pretty good free amortization calculator you can download. This will allow you to set up each loan separately and keep track of advance paymetns, etc. May be better than using an online one. Just a thought…

Rich

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Re: Amoritization Information Please - Posted by Gene

Posted by Gene on February 04, 2005 at 10:35:10:

This one should do everything that you need. It is simple but powerfull…