My step daughter has a request for the BT brain trust…
60 months at 327.oo is about the land cost. She has been paying 350.00 for 32 months..I think the total is 17,000 for the loan.
so if that is applied to the principle ( the overage) is she close to pay off?
Ahem. I am the one paying it for her.
Spheramid Enterprises Architectural Woodworks
“Enjoyning the finite of matter, in an infinite realm of possibilities…
Replies
Is there an interest rate involved here?
Pete Duffy, Handyman
Edited: Check out one of the many online financial calculators. Here's one to start.
http://www.mortgage-calc.com/
Edited 8/4/2006 8:00 pm by peteduffy
We Pete's all need to know the interest rate. Plus, any late charges or other fees involved? Any down strokes applied?
My HP 12C is all warmed up awaiting your reply.
But be specific. What's the actual original loan amount? The actual interest rate (annually)? Is there a balloon payment due at the end of the 60 months? Is this a land contract? Are these payments covering any of the property taxes?
Edited 8/4/2006 7:37 pm ET by peteshlagor
None of the above apply, she is paying at 6% from about 2003
so 17K @6% is the deal, monthlyis the 327..I have paid the 350 for 32 months.
Owner finance in NC for the property, I was just too lazy to calc it out or too busy, but I thInk it oughttta be paid by now.
Ok I lied, I can't figgure it out.
Spheramid Enterprises Architectural Woodworks
"Enjoyning the finite of matter, in an infinite realm of possibilities...
She still owes $7,827.80.
Another 24 months at the same payment of $350 will do it.
Edited 8/4/2006 8:17 pm ET by peteshlagor
Thanks, but...I hope that is wrong...22 months is the divisable of that balance. so saying a 17k @6% for five yrs= 327 a mo, and me paying 350...oughtta get the principal down..no?
Spheramid Enterprises Architectural Woodworks
"Enjoyning the finite of matter, in an infinite realm of possibilities...
Well, if you've paid 32 months (from previous post), and only 22 months left to pay, that's 54 months total. Not bad on a 60 month loan.
But your daughter still owes you the $327 for the full term of the loan, so that's 6 months of $327 into your pocket, after you have paid of the loan, where you can EARN interest instead of paying it.
Nice to be a bank, huh?
Here's an amortization table for 17k @ 6% with $350/month paid.
Your interest rate per period is 0.5000% for 60 total periods ( 5.0000 years)
Period
Years
Balance
Interest
Principal
1
0.083
17000.00
85.00
265.00
2
0.167
16735.00
83.67
266.33
3
0.250
16468.67
82.34
267.66
4
0.333
16201.01
81.01
268.99
5
0.417
15932.02
79.66
270.34
6
0.500
15661.68
78.31
271.69
7
0.583
15389.99
76.95
273.05
8
0.667
15116.94
75.58
274.42
9
0.750
14842.52
74.21
275.79
10
0.833
14566.73
72.83
277.17
11
0.917
14289.56
71.45
278.55
12
1.000
14011.01
70.06
279.94
13
1.083
13731.07
68.66
281.34
14
1.167
13449.73
67.25
282.75
15
1.250
13166.98
65.83
284.17
16
1.333
12882.81
64.41
285.59
17
1.417
12597.22
62.99
287.01
18
1.500
12310.21
61.55
288.45
19
1.583
12021.76
60.11
289.89
20
1.667
11731.87
58.66
291.34
21
1.750
11440.53
57.20
292.80
22
1.833
11147.73
55.74
294.26
23
1.917
10853.47
54.27
295.73
24
2.000
10557.74
52.79
297.21
25
2.083
10260.53
51.30
298.70
26
2.167
9961.83
49.81
300.19
27
2.250
9661.64
48.31
301.69
28
2.333
9359.95
46.80
303.20
29
2.417
9056.75
45.28
304.72
30
2.500
8752.03
43.76
306.24
31
2.583
8445.79
42.23
307.77
32
2.667
8138.02
40.69
309.31
33
2.750
7828.71
39.14
310.86
34
2.833
7517.85
37.59
312.41
35
2.917
7205.44
36.03
313.97
36
3.000
6891.47
34.46
315.54
37
3.083
6575.93
32.88
317.12
38
3.167
6258.81
31.29
318.71
39
3.250
5940.10
29.70
320.30
40
3.333
5619.80
28.10
321.90
41
3.417
5297.90
26.49
323.51
42
3.500
4974.39
24.87
325.13
43
3.583
4649.26
23.25
326.75
44
3.667
4322.51
21.61
328.39
45
3.750
3994.12
19.97
330.03
46
3.833
3664.09
18.32
331.68
47
3.917
3332.41
16.66
333.34
48
4.000
2999.07
15.00
335.00
49
4.083
2664.07
13.32
336.68
50
4.167
2327.39
11.64
338.36
51
4.250
1989.03
9.95
340.05
52
4.333
1648.98
8.24
341.76
53
4.417
1307.22
6.54
343.46
54
4.500
963.76
4.82
345.18
55
4.583
618.58
3.09
346.91
56
4.667
271.67
1.36
273.03
Total Payments: $ 19523.03 Total Interest $ 2523.03Pete Duffy, Handyman
I love you guys, you slay me.
Thankx
Man what a crew we are.!
Spheramid Enterprises Architectural Woodworks
"Enjoyning the finite of matter, in an infinite realm of possibilities...
It essentially took 4 months off of the loan schedule.
Attached is an Excel Spreadsheet showing the calculations
Excellent. Man, I owe ya beer or drink of choosing.
So, how about buyin a 3 acre lot in the Great smokies? Two sites and and two septics approved for residential dwelling.
Spheramid Enterprises Architectural Woodworks
"Enjoyning the finite of matter, in an infinite realm of possibilities...
Is that what she got for the 17K?
If so, great deal. Especially at 6%!
Good for you/her.
Long story, but yes. My step-gurl. I had the land before she was a purcaheser. Then I met her momma and the math got screwy.
I sold it and I am paying for it to her...don;t ask.
Spheramid Enterprises Architectural Woodworks
"Enjoyning the finite of matter, in an infinite realm of possibilities...
I'd like to buy some land from you too!
blue
Sphere,
Check with loan company to confirm that the extra payments are being applied to the principal. Sometimes loan companies will take the extra payment and apply it future payment, i.e. the extra $27 goes toward your next PITI payment of $322. In the end you would will have paid all of the $322 * 60 but over a shorter period if they do not apply the extra to principal. As stated earlier, if the extra goes to principal then you will pay less interest on that loan something like $322 * 58.
Sphere,I'll add my 2 cents here too...When u make extra principal payments, do so with a separate check and put "extra Principal, loan # xxxxxxxx" in the memo line.While I don't think this obligates them to apply it to principal, at least you have a paper trail of your intent.THat's what I've always done and they do credit it properly.Let me know if you want an amortization shedule with the "Extra Principal" column. It's amazing how every lil' bit helps.
http://www.grosshillrentals.com
If you have that handy, I would like to see it.
I just busted my budget with errors in purchaseing and NEED every little bit I can find for the next month or so..right down to gas money..LOL
Thanks.
Oh, I just found out my son in law just decided to QUIT his job as an Ele Helper and got hoodwinked by his cousin to doing basically land clearing for ......so far.....0$...and his baby is 5 months old. And I thought I had bad judgement recently..What a Cluster F.
Spheramid Enterprises Architectural Woodworks
"Enjoyning the finite of matter, in an infinite realm of possibilities...
here it is...Just change cell C4, C6, C7 & C9And fill in F15 thru whenever to record your extra principal payments.
http://www.grosshillrentals.com
Thanks ( I think) I'll have to DL it overnight...I can't do anything else while DL ing a file that size and the wife needs to be using the 'puter here in a few minutes..
3Mb is about 2 hours I think. I hate dial up.
Spheramid Enterprises Architectural Woodworks
"Enjoyning the finite of matter, in an infinite realm of possibilities...
Here, I zipped it up for you. Should be a quick download now. Are you familiar with Winzip?
Cool, I just got it now on my Laptop in about 4 minutes.
Gotta change some cells tho' it is only 17k not 170 and 6% int.
Thanks to ya all
Spheramid Enterprises Architectural Woodworks
"Enjoyning the finite of matter, in an infinite realm of possibilities...