# Longer Term Loans from Conventional Lenders - Posted by iQueue

Posted by Scott on November 29, 2001 at 14:59:55:

You might want to check with Ed Garcia and the others on the Financing Forum.

Scott

Longer Term Loans from Conventional Lenders - Posted by iQueue

Posted by iQueue on November 28, 2001 at 12:09:43:

All,

Has anyone done any business with any lenders that offer fully amoritized loans longer than 30 years? I would be interested to see if the monthly payment on say 50 years would be much less than a 30 year note.

Thanks,

iQueue

Just use Excel - Posted by AJ

Posted by AJ on November 28, 2001 at 12:51:13:

I do not know if these loans are readily available, but you may use 2 handy Excel functions to calculate the payments for you.

PPMT()… to calculate the principle payments
IPMT()… to calculate the interest payments

For example,
For a 6.5% interest rate (divide by 12 for monthly), for 50 years (times 12 for monthly payments) on \$100,000 will give you a \$22 payment of principle only for the first month. Interest will be \$542. Adding these two together (\$542 + \$22) = \$564 monthly mortgage payments.

Using 30 years, the monthly mortgage payment would be \$632… and for 40 years, monthly payments would be \$585.

Hope this helps,
AJ

These are the Excel commands if you just want to copy and paste into Excel.

=PPMT(0.065/12,1,3012,100000,0) = \$22
=IPMT(0.065/12,1,30
12,100000,0) = \$542

Re: Just use Excel - Posted by Dave T

Posted by Dave T on November 29, 2001 at 24:25:49:

=PPMT(0.065/12,1,3012,100000,0) = \$90
=PPMT(0.065/12,1,50
12,100000,0) = \$22

Why not just use:
=PMT(0.065/12,30*12,100000,0) = \$632

PMT(rate,nper,pv,fv,type)

Re: Just use Excel - Posted by iQueue

Posted by iQueue on November 29, 2001 at 09:25:14:

Ok, thanks for the formulas, but does anyone have any names of lenders that do terms greater than 30?

Thanks,

iQueue