Posted by Dr. B. (OH) on September 24, 2010 at 20:37:51:
Ryan,
I use a program called Notesmith it calculates it all for you. Even asks if the extra payment is for principal or toward next month’s payment. You have to buy it online. There are other programs, I think some people use Excel.
Steefe
how do u apply extra payments - Posted by ryan
Posted by ryan on September 24, 2010 at 14:28:40:
i hope that i have explained my question enough to be understood. lets say that i do create a note for lets say 10,500@13.06% for 48months. lets say that the payments are $282.00 for 48 months. now i know that of that 282 is P&I. now lets assume that the person wanted to pay down the principal by paying random amounts of extra money… my question is how would you apply that to the principal and how would it affect the remainder of the monthly payments.
R there any programs that would help in calculating this.
thanks…