"Property Cost" and "Interest Rate" are the only required fields to calculate a loan. The "Loan Amount" is based on "Property Cost" minus "Total Down Payment" so if no "Down Payment" is entered the loan calculations are done on only the "Property Cost". Here is a full explanation of the other fields:
"Amount Already Saved" is the amount of money already saved to put towards the down payment.
"Months to Save Down Payment" is how long you wish to take to save up the balance of the down payment that you have not saved yet.
"Check Frequency" is how often you receive your paycheck.
"Check Amount" is your net pay on each check.
"Percent of Payment to Cover" is what percentage of these expense this check will cover. By entering values other than 100% and recalculating you can calculate multiple incomes.
"Interest Rate" is the rate of interest to base the loan calculations upon.
You may also enter Monthly, Weekly and Daily expenses to calculate Disposable Income per check. Disposable Income will only be calculated if a value is entered in "Check Amount".
NOTE: With the exception of expense descriptions, all fields must be valid numbers without Dollar Signs($). You will encounter an error if you enter other than a valid number. These calculations may vary from actual loans and should be used only as guidelines.
© 2001 Jeff LaForge. All Rights Reserved.