home
***
CD-ROM
|
disk
|
FTP
|
other
***
search
/
CD ROM Paradise Collection 4
/
CD ROM Paradise Collection 4 1995 Nov.iso
/
business
/
pcloan5.zip
/
MANUAL.DOC
< prev
next >
Wrap
Text File
|
1994-08-20
|
163KB
|
4,240 lines
********************************************************************
* *
* PRINTER PROBLEMS? *
* *
********************************************************************
This manual is writtem and formatted for the registered version. It
is the same manual provided by the registered version.
The manual provided with the registered program is printed on the
laser printer using desktop publishing methods. It cannot be
reproduced exactly in an ASCII text file which can be printed from
DOS.
In order for your printer to format the pages properly, you must set
your printer to print 12 characters per inch, if possible. If your
printer does not have this setting, set it to print condensed print.
If Pages do not break correctly on laser printers, set your laser
printer to print 66 lines per page. The factory setting for most
laser printers is 60 lines per page. This setting can be accomplished
through the front panel "Menu."
PCLOAN5
Version 5.09
Bottom Line Software
P. O. Box 118826
Carrollton Texas 75011-8826
214-394-4087
Software and Manual
Copyright 1990
Bottom Line Software
TABLE OF CONTENTS
Association of Shareware Professionals -Ombudsman Statement . . . . 6
ASP DEFINITION OF SHAREWARE . . . . . . . . . . . . . . . . . . . . 7
BLS - License Agreement and Warranty . . . . . . . . . . . . . . . 1
Introduction . . . . . . . . . . . . . . . . . . . . . . . . . . . 1
How It Works . . . . . . . . . . . . . . . . . . . . . . . . . . . 2
Installation . . . . . . . . . . . . . . . . . . . . . . . . . . . 2
Auto installation . . . . . . . . . . . . . . . . . . . . . . 2
Auto install menu . . . . . . . . . . . . . . . . . . . . . . 3
Subdirectories . . . . . . . . . . . . . . . . . . . . . . . . 3
Manual installation . . . . . . . . . . . . . . . . . . . . . 4
Required files . . . . . . . . . . . . . . . . . . . . . . . . 4
Floppy disk systems . . . . . . . . . . . . . . . . . . . . . 5
To Run the Program . . . . . . . . . . . . . . . . . . . . . . . . 5
Help Function . . . . . . . . . . . . . . . . . . . . . . . . . . . 6
Menu Operations . . . . . . . . . . . . . . . . . . . . . . . . . . 6
Selecting Menu Options . . . . . . . . . . . . . . . . . . . . . . 7
Main Menu . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7
File Submenu Options . . . . . . . . . . . . . . . . . . . . . . . 8
(File)Open . . . . . . . . . . . . . . . . . . . . . . . . . . 9
(File)Save . . . . . . . . . . . . . . . . . . . . . . . . . . 9
(File)Rename . . . . . . . . . . . . . . . . . . . . . . . . . 9
(File)Copy . . . . . . . . . . . . . . . . . . . . . . . . . . 9
(File)Delete . . . . . . . . . . . . . . . . . . . . . . . . . 9
Schedule Submenu Options . . . . . . . . . . . . . . . . . . . . . 10
(Schedule) Create . . . . . . . . . . . . . . . . . . . . . . 10
(Schedule) Add schedule . . . . . . . . . . . . . . . . . . . 11
(Schedule) Transaction . . . . . . . . . . . . . . . . . . . . 11
(Schedule) Recalculate . . . . . . . . . . . . . . . . . . . . 11
(Schedule) View . . . . . . . . . . . . . . . . . . . . . . . 12
(Schedule) Browse . . . . . . . . . . . . . . . . . . . . . . 12
(Schedule) Edit . . . . . . . . . . . . . . . . . . . . . . . 12
(Schedule) Print . . . . . . . . . . . . . . . . . . . . . . . 12
(Schedule) Sort . . . . . . . . . . . . . . . . . . . . . . . 13
Print Submenu Options . . . . . . . . . . . . . . . . . . . . . . . 13
(Print) Printer . . . . . . . . . . . . . . . . . . . . . . . 13
(Print) Console . . . . . . . . . . . . . . . . . . . . . . . 14
(Print) Form Feed . . . . . . . . . . . . . . . . . . . . . . 14
(Print) Line feed . . . . . . . . . . . . . . . . . . . . . . 14
(Print) Summary . . . . . . . . . . . . . . . . . . . . . . . 14
(Print) Incomplete . . . . . . . . . . . . . . . . . . . . . . 14
Interest Submenu Options . . . . . . . . . . . . . . . . . . . . . 15
(Interest) Rate . . . . . . . . . . . . . . . . . . . . . . . 15
(Interest) Basis . . . . . . . . . . . . . . . . . . . . . . . 16
Transaction Submenu Options . . . . . . . . . . . . . . . . . . . . 16
(Transaction) Go to . . . . . . . . . . . . . . . . . . . . . 16
(Transaction) Add . . . . . . . . . . . . . . . . . . . . . . 17
(Transaction) Edit . . . . . . . . . . . . . . . . . . . . . . 17
(Transaction) Seek date . . . . . . . . . . . . . . . . . . . 17
(Transaction) Delete . . . . . . . . . . . . . . . . . . . . . 17
(Transaction) Change . . . . . . . . . . . . . . . . . . . . . 18
(Transaction) Type . . . . . . . . . . . . . . . . . . . . . . 18
Calculator Submenu Functions . . . . . . . . . . . . . . . . . . . 18
(Calculator) Mortgages . . . . . . . . . . . . . . . . . . . . 19
(Calculator) Dates . . . . . . . . . . . . . . . . . . . . . . 19
The Options Submenu . . . . . . . . . . . . . . . . . . . . . . . 19
(Options) Fiscal year . . . . . . . . . . . . . . . . . . . . 20
(Options) Negative Am . . . . . . . . . . . . . . . . . . . . 20
(Options) Defaults . . . . . . . . . . . . . . . . . . . . . 20
(Options) Defaults Company name . . . . . . . . . . . . . . . 20
(Options) Defaults Schedule Header . . . . . . . . . . . . . . 20
(Options) Defaults Schedule style . . . . . . . . . . . . . . 20
(Options) Defaults Printer . . . . . . . . . . . . . . . . . . 21
(Options) Defaults Visual . . . . . . . . . . . . . . . . . . 21
(Options)Defaults Data Path . . . . . . . . . . . . . . . . . 21
Floppy disk systems data path . . . . . . . . . . . . . . . . 22
Quit Submenu . . . . . . . . . . . . . . . . . . . . . . . . . . . 22
The Status Line . . . . . . . . . . . . . . . . . . . . . . . . . . 23
Data Entry Screens . . . . . . . . . . . . . . . . . . . . . . . . 23
Data Entry Cursor Control Keys . . . . . . . . . . . . . . . . . . 24
Browse Function . . . . . . . . . . . . . . . . . . . . . . . . . . 27
Browse Cursor Control Keys . . . . . . . . . . . . . . . . . . 28
Create an amortization schedule . . . . . . . . . . . . . . . . . . 29
Mortgage data entry screen: . . . . . . . . . . . . . . . . 29
Date of mortgage . . . . . . . . . . . . . . . . . . . . . . 29
Date of first payment . . . . . . . . . . . . . . . . . . . 29
Mortgage amount . . . . . . . . . . . . . . . . . . . . . . 30
Number of payments . . . . . . . . . . . . . . . . . . . . . 30
Payments per year . . . . . . . . . . . . . . . . . . . . . 30
Initial rate . . . . . . . . . . . . . . . . . . . . . . . . 31
Interest basis . . . . . . . . . . . . . . . . . . . . . . . 31
Payment type . . . . . . . . . . . . . . . . . . . . . . . . 32
Payment amount . . . . . . . . . . . . . . . . . . . . . . . 32
Number payments interst only . . . . . . . . . . . . . . . . 33
Balloon at payment number . . . . . . . . . . . . . . . . . 34
Prepayment Variations . . . . . . . . . . . . . . . . . . . . . . . 34
Regular Periodic Prepayments . . . . . . . . . . . . . . . . 35
Irregular and One Time Payments . . . . . . . . . . . . . . 35
Entering a secondary schedule . . . . . . . . . . . . . . . . . . . 35
Date of first payment . . . . . . . . . . . . . . . . . . . . 36
Number of payments . . . . . . . . . . . . . . . . . . . . . . 36
Number of payments per year . . . . . . . . . . . . . . . . . 36
Payment amount . . . . . . . . . . . . . . . . . . . . . . . . 37
Interest basis and payment type . . . . . . . . . . . . . . . 37
Interest Computation Basis . . . . . . . . . . . . . . . . . . . . 37
Recalculating A Schedule . . . . . . . . . . . . . . . . . . . . . 39
Printing Reports . . . . . . . . . . . . . . . . . . . . . . . . . 39
Printing an amortization schedule . . . . . . . . . . . . . . 40
Printing a summary schedule . . . . . . . . . . . . . . . . . 40
Stopping an unwanted schedule. . . . . . . . . . . . . . . . . 40
Customizing the Reports . . . . . . . . . . . . . . . . . . . . . . 40
Changing the Company Name . . . . . . . . . . . . . . . . . . 40
Changing the Schedule Header . . . . . . . . . . . . . . . . . 41
Change the Printer Setup . . . . . . . . . . . . . . . . . . . 41
Change the Printer Control Codes. . . . . . . . . . . . . . . 42
Printer Graphics Characters. . . . . . . . . . . . . . . . . . 42
Visual Update . . . . . . . . . . . . . . . . . . . . . . . . 42
Financial Calculator . . . . . . . . . . . . . . . . . . . . . . . 43
Financial calculatons . . . . . . . . . . . . . . . . . . . . 43
Date calculations . . . . . . . . . . . . . . . . . . . . . . 44
APR calculations . . . . . . . . . . . . . . . . . . . . . . . 44
APR calculator data entry . . . . . . . . . . . . . . . . . 45
gross amount financed . . . . . . . . . . . . . . . . . . 45
origination fee . . . . . . . . . . . . . . . . . . . . . 45
payment streams . . . . . . . . . . . . . . . . . . . . . 45
unit period? . . . . . . . . . . . . . . . . . . . . . . 46
basis . . . . . . . . . . . . . . . . . . . . . . . . . . 46
Payment amount . . . . . . . . . . . . . . . . . . . . . 46
Number of payments . . . . . . . . . . . . . . . . . . . 46
Periods to first payment . . . . . . . . . . . . . . . . 47
Odd days to first payment . . . . . . . . . . . . . . . . 47
Multiple payment streams . . . . . . . . . . . . . . . . 48
Tutorial. How to Use the Program . . . . . . . . . . . . . . . . . 48
Make a new schedule . . . . . . . . . . . . . . . . . . . . . 48
Selecting interest basis . . . . . . . . . . . . . . . . . . . 49
Selecting payment type . . . . . . . . . . . . . . . . . . . . 50
Computing the payment amount . . . . . . . . . . . . . . . . . 51
Viewing or Browsing the schedule on screen . . . . . . . . . . 52
Finding a payment by payment number . . . . . . . . . . . . . 53
Finding a payment by payment date . . . . . . . . . . . . . . 53
Printing the entire schedule . . . . . . . . . . . . . . . . . 54
Printing a range of payments . . . . . . . . . . . . . . . . . 54
Printing an annual summary . . . . . . . . . . . . . . . . . . 55
Adding a secondary schedule . . . . . . . . . . . . . . . . . 55
Schedule File Specifications . . . . . . . . . . . . . . . . . . . 56
Detailed Field Descriptions . . . . . . . . . . . . . . . . . 57
Data file header . . . . . . . . . . . . . . . . . . . . . . . 62
Loan setup information . . . . . . . . . . . . . . . . . . . . 62
Frequent Questions . . . . . . . . . . . . . . . . . . . . . . . . 63
Association of Shareware Professionals -Ombudsman Statement
This program is produced by a member of the Association of
Shareware Professionals (ASP). ASP wants to make sure that the
shareware principle works for you. If you are unable to resolve a
shareware-related problem with an ASP member by contacting the
member directly, ASP may be able to help. The ASP Ombudsman can help
you resolve a dispute or problem with an ASP member, but does not
provide technical support for members' products. Please write to the
ASP Ombudsman at 545 Grover Road, Muskegon, MI 49442-9427 USA, FAX
616-788-2765 or send a CompuServe message via CompuServe Mail to ASP
Ombudsman 70007,3536."
ASP DEFINITION OF SHAREWARE
Shareware distribution gives users a chance to try software before
buying it. If you try a Shareware program and continue using it, you
are expected to register. Individual programs differ on details --
some request registration while others require it, some specify a
maximum trial period. With registration, you get anything from the
simple right to continue using the software to an updated program
with printed manual.
Copyright laws apply to both Shareware and commercial software, and
the copyright holder retains all rights, with a few specific
exceptions as stated below. Shareware authors are accomplished
programmers, just like commercial authors, and the programs are
of comparable quality. (In both cases, there are good programs and
bad ones!) The main difference is in the method of distribution. The
author specifically grants the right to copy and distribute the
software, either to all and sundry or to a specific group. For
example, some authors require written permission before a
commercial disk vendor may copy their Shareware.
Shareware is a distribution method, not a type of software. You
should find software that suits your needs and pocketbook,
whether it's commercial or Shareware. The Shareware system makes
fitting your needs easier, because you can try before you buy.
And because the overhead is low, prices are low also. Shareware has
the ultimate money-back guarantee -- if you don't use the product,
you don't pay for it.
ASP - DISCLAIMER - AGREEMENT
Users of PCLOAN5 must accept this disclaimer of warranty:
PCLOAN5 is supplied as is. The author disclaims all warranties,
expressed or implied, including, without limitation, the
warranties of merchantability and of fitness for any purpose. The
author assumes no liability for damages, direct or conse-
quential, which may result from the use of PCLOAN5." PCLOAN5 is a
"shareware program" and is provided at no charge to the user for
evaluation. Feel free to share it with your friends, but please do
not give it away altered or as part of another system. The essence
of "user-supported" software is to provide personal computer
users with quality software without high prices, and yet to provide
incentive for programmers to continue to develop new products. If
you find this program useful and find that you are using PCLOAN5 and
continue to use PCLOAN5 after a reasonable trial period, you must
make a registration payment of $79.95 PLUS 3.00 shipping to Bottom
LineSoftware, Inc. The $79.75 registration fee will license one copy
for use on any one computer at any one time. You must treat this
software just like a book. An example is that this software may be
used by any number of people and may be freely moved from one
computer location to another, so long as there is no possibility ofit
being used at one location while it's being used at another. Just as
a book cannot be read by two different persons at the same time.
Commercial users of PCLOAN5 must register and pay for their
copies of PCLOAN5 within 30 days of first use or their license is
withdrawn. Site-License arrangements may be made by contacting
Bottom Line Software, Inc.. Anyone distributing PCLOAN5 for any
kind of remuneration must first contact Bottom Line Software, Inc. at
the address below for authorization. This authorization will be
automatically granted to distributors recognized by the (ASP) as
adhering to its guidelines for shareware distributors, and such
distributors may begin offering PCLOAN5 immediately (However Bottom
Line Software, Inc. must still be advised so that the distributor can
be kept up-to-date with the latest version of PCLOAN5.). You are
encouraged to pass a copy of PCLOAN5 along to yourfriends for
evaluation. Please encourage them to register their copy if they
find that they can use it. All registered users will receive a copy
of the latest version of the PCLOAN5 System.
BLS - License Agreement and Warranty
By using this product, I agree to comply with the following license
agreement.
The program and the users manual contain valuable intellectual
property and trade secrets of Bottom Line Financial Software, Inc. I
understand that I may make as many copies as I want for backup but I
will not sell, rent, loan, give or otherwise transfer possession of
any copy of the program or of any other materials supplied by Bottom
Line Software to any person or other entity.
Bottom Line Financial Software disclaims any other warranty
expressed or implied, including without limitation, the warranties of
merchantability or fitness for any purpose.
IN NO EVENT SHALL BOTTOM LINE SOFTWARE BE LIABLE FOR LOSS OF
BUSINESS PROFITS OR LOSS OF INTEREST INCOME OR LOSS OF PRINCIPAL
PAYMENTS, OR OTHER LOSSES CAUSED BY USE OF SCHEDULES, REPORTS,
SCREEN DISPLAYS, DISK FILES, OR ANY OTHER OUTPUT FROM THIS
SOFTWARE, OR LOSSES CLAIMED BY DEBTORS OR CREDITORS OF LICENSED OR
UNLICENSED USERS OF THIS SOFTWARE.
Both the software and the manual are furnished under the terms of
this license agreement. Both are copyrighted by Bottom Line Software
and neither may be reproduced or copied except in accordance with the
terms of the license agreement. Both the Software and the manual are,
and remain the property of Bottom Line Software.
Information in this document is subject to change without notice.
Introduction
PCLOAN5 is a program to help you do loan calculations and loan
amortization schedules.
The original PCLOAN was designed by and for bankers with the help
of CPA's and real estate investors. Over the years it has been
completely redesigned by its many users.
PCLOAN5 is a full featured, professional, amortization program. It
will do any calculation needed for a business or personal loan
amortized in multiple payments.
PCLOAN5 Bottom Line Software 1
How It Works
PCLOAN5 is a disk based amortization system. Other amortization
programs simply print a report and the data is promptly forgotten,
only the paper report remains. PCLOAN5 remembers every transaction of
every schedule as long as you like. It stores all transactios in a
disk file. You can recall and reproduce a schedule you printed years
ago. You can modify and reprint a schedule when loan terms are
modified or renegotiated.
Installation
PCLOAN5 comes with an auto install feature on the distribution
disk. However, if you have your own ideas and know how to execute
them, you can install it manually.
BEFORE USING THE DISTRIBUTION DISK, MAKE A BACKUP COPY. YOU CANNOT
OPERATE THE PROGRAM FROM THE DISTRIBUTION DISK, BUT YOU COULD
ACCIDENTALLY ERASE IT.
Auto installation
Place the distribution disk in drive A:.
Log on to drive a: by typing the command
A:<return>
then type the command
menu<return>
After a few seconds, you will see this menu on your screen:
PCLOAN5 Bottom Line Software 2
███████████████████████████████████████████████████████████████░
█ █░░
█ █░░
█ 1) Install program on drive B: █░░
█ █░░
█ 2) Install program on drive C: █░░
█ █░░
█ 3) Run the Amortization program. █░░
█ █░░
█ █░░
█ █░░
█ █░░
█ Type menu selection, then <Return> █░░
█ █░░
███████████████████████████████████████████████████████████████░░
░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░
Auto install menu.
Select the option of your choice.
The hard disk option assumes the disk is C: and installs the
program to the default directory. If you want PCLOAN5 in a specific
subdirectory, you must first log on to that subdirectory by using the
DOS command CD.
The floppy disk option installs the program to the default
directory on drive B:. If you want PCLOAN5 in a specific
subdirectory, you must first log on to that subdirectory by using the
DOS command CD.
PCLOAN5 is not copy protected. If you do not wish to use the
install programs supplied, you may simply copy the files PCLOAN5.EXE
and PCL5PARM.DBF wherever you like.
Subdirectories
The installation software installs the system in the current
directory. If you want the system installed in a special
subdirectory, you must first create that subdirectory. Use the DOS
command MD to create the directory. Make it the current directory by
using the dos commands CD. See your DOS manual for details of how
to use these commands.
PCLOAN5 Bottom Line Software 3
Manual installation
Required files:
The Amortization system must have these files to operate:
PCLOAN5.EXE
PC5PARM.DBF
The help system is optional and consists of these files:
PC5HELP.DBF
PC5HELP.NTX (This file is created by the system.)
PC5HELP.DBT
To install the software manually, use the DOS copy command to copy
these files to your working floppy disk or to your hard disk.
To copy the program from any disk to any other working disk, you
must first boot the computer with your normal DOS diskette. When this
is accomplished and your screen is displaying the normal dos prompt
A>, perform these steps.
Determine the drive letters for the source and the destination
drives you intend to use. In the following instructions, the source
drive is S and the destination drive is D. You must replace S and D
with the Drive letters for the drives you will be using in your
system.
To copy from drive A to drive B, replace the S in the instructions
with A and replace the D in the instructions with B.
1) Place you working diskette in drive D:
2) Place the PCLOAN5 diskette in drive S:
3) Be sure the doors are closed properly on both drives.
PCLOAN5 Bottom Line Software 4
4) Type the following command lines:
copy S:pcloan5.exe D:
when this copy is complete,
copy S:PC5PARM.DBF D:
5) Press the <Return> key to end each copy command.
On some keyboards this key is marked <Enter> or with a broken
arrow that goes down and left.
6) When each copy is complete, the screen will display a message
that says
1 file(s) copied.
Floppy disk systems
If your system has only two 362k floppy disks, this section is
IMPORTANT. 362k floppy disks will not hold enough data to allow
comparing and sorting 360 payment (30 year) mortgages.
To compare mortgage variations requires a great deal of storage
space. To compare a base mortgage with one variation requires 390k
disk space. This means that 30 year mortgages cannot be compared on
systems using only 5.25" 362k floppy disks. Systems with floppy disks
of 720k, 1.2 meg, or 1.44 meg should have no difficulties.
Systems with two floppy disk drives may place the program on one
floppy and the data files on another. To do this select the menu
option to update the parameter file.
From the parameter file menu, select the option to change the path to
the data files.
This screen allows you to set a default disk drive and a path to
the data files. Set the default disk drive to "B" (without the
quotes). The path should be blank. If the path is not blank, use the
backspace or the delete key to make it blank.
The file PC5PARM.DBF must be on the same disk as the program file,
PCLOAN5.EXE. The help files must be on the data disk.
If this data arrangement is used, the program will look at the
parameter file in the start up directory. This parameter file tells
the program to look for data files on drive B:.
To Run the Program
PCLOAN5 Bottom Line Software 5
With a copy of the program on your working disk and the working
disk in drive A, type the following command,
A>pcloan5<return>
After a few seconds wait you will see the BOTTOM LINE SOFTWARE sign
on banner. At the bottom of the screen you will see a message that
says <Return to continue>. Press the <return> key and you will see
the main menu.
If you have installed the program on a hard disk, the command line
will look like this:
C>pcloan5<return>
Help Function
PCLOAN5 has a built in help function. Help screens are available to
assist the operator with various functions and operations. On screen
help is not always available. When it is, it is accessed by pressing
the function key marked F1.
Help screens appear as windows. Sometimes, the amount of text
required will not fit in the space available. In these cases help
screens can be scrolled to display more text by pressing the down
arrow or the PgDn keys.
To exit a help screen, press the Esc key. Sometimes you may need
to press it twice.
Menu Operations
PCLOAN5 is completely menu operated. You never have to remember
any commands.
A menu is a list of tasks, or functions the program can perform.
Entering a new loan, is a menu function. Printing a schedule is a
menu function. Since one menu cannot display all the possible
functions the system can perform, related tasks are listed together
on menus.
PCLOAN5 Bottom Line Software 6
Selecting Menu Options
There are two ways to select a menu option. Press the letter key
corresponding to the first letter of the option. Eg, press "Q" to
select Quit. This method only works for options displayed on the
currently active menu. If the File submenu is displayed and "Q" is
pressed, nothing will happen because "Q" is an option on the main
menu, not on the File submenu.
If you are a new user and not yet confident in your knowledge of
the menu options and the functions they perform, you may use the
cursor keys, or to select a menu option.
Cursor key selection is done by highlighting a menu selection and
pressing the return key.
Highlighting means that one selection will be displayed in a manner
that is noticeably different from the rest of the options.
Highlighting usually results in the selected option being displayed
in reversed colors. Some computer video displays may handle this in
a different manner.
To select an option, press either the or the keys. If you press
the up key, the highlight bar will jump to the next higher option on
the screen (Lower number, higher physical position). The down key
has the opposite effect.
The highlight bar will "roll around" from top to bottom or from
bottom to top. If you press Up when the bar is on the top selection,
it will "roll around" to the bottom selection and vice versa.
It is always possible to select any option with either the up arrow
or the down arrow key.
Main Menu
The main menu is a bar type menu across the top of the screen, it
looks like this:
░░ No file ░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░
────────────────────────────────────────────────────────────────
File Schedule Print Interest Transaction Calculator Options Quit
────────────────────────────────────────────────────────────────
░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░
When this menu is displayed, the word File will be highlighted. The
letters and the background will be the reverse of the rest of the
menu.
PCLOAN5 Bottom Line Software 7
Pressing the "f" key or pressing the return key will select the
File submenu. The File submenu looks like this:
┌░░ No file ░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░
├─────────────────────────────────────────────────────────
│ File Schedule Print Interest Transaction Calculator
├┬──────────┬─────────────────────────────────────────────
││ Open │░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░
││ Save │░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░
││ Rename │░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░
││ Copy │░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░
││ Delete │░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░
│└──────────┘░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░
When the file submenu is displayed, both the word file and the word
open will be highlighted. If you press the "O" key or the return key,
you will select the (File)"Open" function.
Pressing the "S" key of the down arrow key will select the
(File)"Save" function.
There is a difference between the "S" key and the down arrow key.
The "S" key actually executes the Save command, the down arrow key
just selects it and highlights it. After it has been selected and
highlighted by the down (or up) arrow key, it may be executed by
pressing the return key.
When the File submenu is open, the right arrow key will close the
File submenu and open the Schedule submenu. Similarly, the left arrow
key will close the File submenu and open the Quit submenu. The left
and right arrow keys wrap around. If the far right selection is
active, a right arrow key press will cause the selection to wrap
around and select the far left option.
Alternatively, you may press the Esc key to close the open submenu.
Then select the desired submenu by pressing the letter key
corresponding to the first letter of its name. Eg. "Q" selects "Quit"
File Submenu Options
The file submenu presents several options for managing files. Some
of them are schedule oriented but others work with any file on the
disk.
PCLOAN5 Bottom Line Software 8
(File)Open
The File Open command selects a schedule file from the disk and
opens it for viewing, printing, modifying, additions, or deletions. A
schedule file must be Opened before its data can be accessed. Only
one schedule can be open at a time.
(File)Save
The File Save command is the opposite of the File Open command.
This command causes the program to cut the ties between itself and
the currently Opened schedule which will no longer be available for
access. Of course it can be Opened again.
If you forget to save, (close) a file, the program will save it for
you.
(File)Rename
The File Rename command allows you to rename any file in your
current disk directory. It will ask for a file name. If it can find
the file named, it will ask for a new name. The file will be renamed
to the new name.
This function is useful if you have several schedule files on disk
and want to keep them but want to reuse one of the names.
(File)Copy
The File Copy command allows you to make a copy of any file on the
disk. It will ask for a file name. If the file is found, it will ask
for a name for the new file. It will create a new file with the new
file name and copy the contents of the old file to the new file. The
old file is not disturbed. You must have enough space on the disk to
hold the new file.
The File Copy command works with any file, not just a schedule
file.
(File)Delete
The File Delete command allows you to delete any file on the disk.
It will ask for a filename. If the file is found, you will be asked
to verify the request. If you verify the request, the file will be
deleted.
If you delete a file accidentally and want it back, there are
programs available to retrieve it for you. However, these programs
PCLOAN5 Bottom Line Software 9
can work reliably only if no additional data has been written to the
disk which contains the erased file. If the file is on a floppy disk,
remove it immediately and place it in a safe place. If the file is on
your fixed disk, turn off the machine immediately and do not turn it
back on until you have a copy of an unerase program ready to run. Run
it from the floppy disk. DO NOT COPY THE UNERASE PROGRAM TO YOUR
HARD DISK. DO NOT INSTALL ANY OF DISK UTILITIES TO YOUR HARD DISK
UNTIL THE ERASED FILE HAS BEEN RECOVERED.
Schedule Submenu Options
The Schedule submenu offers several selections for managing
amortization schedule files. These functions work only on
amortization schedule files.
To select the Schedule submenu, press the "S" key while the main menu
is displayed and no other submenus are open. If another submenu is
open, use the left or right arrow keys to select a new submenu.
Alternatively, you may press the Esc key to close the open submenu
and then select the desired submenu by pressing the letter key
corresponding to the first letter of its name. Eg. "S" selects
"Schedule"
The Schedule submenu looks like this:
┌░░ No file ░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░
├────────────────────────────────────────────────────────────
│ File Schedule Print Interest Transaction Calculator O
├──────┬──────────────┬──────────────────────────────────────
│░░░░░░│ Create │░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░
│░░░░░░│ Add schedule │░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░
│░░░░░░│ Transaction │░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░
│░░░░░░│ Recalculate │░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░
│░░░░░░│ View │░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░
│░░░░░░│ Browse │░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░
│░░░░░░│ Edit │░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░
│░░░░░░│ Print │░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░
│░░░░░░│ Sort │░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░
│░░░░░░└──────────────┘░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░
(Schedule) Create
The Schedule create command will ask for a filename. When the name
is received, it will ask for information about the mortgage. A new
file will be created using the filename given and will be filled with
data for each transaction of the mortgage specified.
PCLOAN5 Bottom Line Software 10
If a file exists with the name given, the old file will be replaced
by the new file. You will not be warned. You can use the File Rename
or File Copy menu selections to save a copy of a file if you need to
reuse an existing file name.
(Schedule) Add schedule
The Schedule Add schedule command, allows you to add another
schedule to an existing schedule.
A 30 year mortgage is payable in monthly payments of $1,000.00. The
homeowner inherited some oil company stock from a rich relative. The
stock pays a quarterly dividend of $1,200.00. The regular payment is
due on the first, the dividend is received on the 15th. What would
happen if the dividend were paid on the mortgage on the date it was
received? What would happen if the lender would not accept the
payment on an odd date but would accept it on the next regular
payment date? What if only half the dividend check were applied to
the mortgage?
The addition of an additional schedule requires that the schedule
be recalculated to compute the interest and principal allocations.
See the Schedule recalculate selection.
(Schedule) Transaction
The Schedule Transaction command allows the addition of a single
transaction to the schedule. This transaction may be for any amount
of interest or principal on any date. It can be specified as
interest or principal only or the program can be allowed to allocate
it as interest and principal as needed on the date it is paid,
There is no limit to the number of additional, irregular
transactions that can be added. (Disk capacity, of course.)
The addition of an irregular payment requires that the schedule be
recalculated to compute the interest and principal allocations. See
the Schedule Recalculate selection.
(Schedule) Recalculate
When a schedule is created, all interest and calculations are done.
All interest and principal is allocated to the scheduled payment
dates and the entire schedule is stored in a disk file.
If the schedule is altered in any way, transactions added or
deleted, changes of interest rate or payment amount, all the interest
and principal payments after that date must be reallocated.
PCLOAN5 Bottom Line Software 11
(Schedule) View
The Schedule View function allows viewing the schedule on the
screen immediately rather than waiting on the printer. Any part of
the schedule is available immediately. The viewer can scroll down the
schedule page by page or jump to the middle or the bottom and scroll
back up. The view function allows jumping immediately forward or
backward to any payment.
Another function, the Transaction Seek function allows the schedule
to be preset to a specific date before the view is invoked. Select
the Seek function and ask for 07-07-98, the first transaction viewed
will be the first transaction before that date.
This function is the same as the Print Console function.
(Schedule) Browse
The Schedule Browse function is another way to display the schedule
on the screen in a tabular format. It differs from the Schedule View
function in that it allows the user to display and optionally to
change any data in the file.
There is more data in the file than appears on a normal
amortization schedule or on the Schedule View screen. The Schedule
Browse function displays all the data in a format similar to a
spreadsheet program and allows it to be viewed or changed.
After changing the data, don't forget to recalculate the schedule.
If you changed a date, you also need to sort the schedule to place
the payments in the correct date order.
(Schedule) Edit
The Schedule Edit function is yet another way of displaying the
data and optionally changing it. This function makes no attempt to
retain the tabular nature of a printed schedule. It displays all the
data in the file for one transaction at a time and allows it to be
viewed or changed.
After changing the data, don't forget to recalculate the schedule.
If you changed a date, you also need to sort the schedule to place
the payments in the correct date order.
This function is the same as the Transaction Edit function.
(Schedule) Print
PCLOAN5 Bottom Line Software 12
The Schedule Print function prints the currently opened schedule to
the printer. If no schedule is currently opened, it will ask for a
file name.
(Schedule) Sort
The Schedule Sort function sorts the transactions in the file into
order by date. This function creates a work file and a new schedule
file. It requires free disk space equal to twice as much as used by
the original file. If the original file is 25k bytes in size, the
disk must have 50k bytes free space to sort it.
Sorting can be impossible on a 362K 5.25 inch data diskette if
there is more than two thirty year mortgage on the disk. Sorting is
never possible on a 362K disk which contains both the program and
data files.
Print Submenu Options
The Print submenu offers several selections for managing the
printing of amortization schedule files. These functions work only on
amortization schedule files.
To select the Schedule submenu, press the "P" key while the main menu
is displayed and no other submenus are open. If another submenu is
open, use the left or right arrow keys to select a new submenu.
Alternatively, you may press the Esc key to close the open submenu
and then select the desired submenu by pressing the letter key
corresponding to the first letter of its name. Eg. "P" selects
"Print"
The Print submenu looks like this:
┌░░ No file ░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░
├────────────────────────────────────────────────────────────
│ File Schedule Print Interest Transaction Calculator O
├────────────────┬────────────┬──────────────────────────────
│░░░░░░░░░░░░░░░░│ Printer │░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░
│░░░░░░░░░░░░░░░░│ Console │░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░
│░░░░░░░░░░░░░░░░│ Form feed │░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░
│░░░░░░░░░░░░░░░░│ Line feed │░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░
│░░░░░░░░░░░░░░░░│ Summary │░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░
│░░░░░░░░░░░░░░░░│ Incomplete │░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░
│░░░░░░░░░░░░░░░░└────────────┘░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░
(Print) Printer
PCLOAN5 Bottom Line Software 13
The Print Printer selection prints the currently open schedule file
to the printer. If no file is open, the program will ask for a file
name.
The style of the report can be modified by the Options submenu.
This selection works only with amortization schedule files. It
cannot be used to print any other file.
(Print) Console
The Print Console function allows viewing the schedule on the
screen immediately rather than waiting on the printer. Any part of
the schedule is available immediately. The viewer can scroll down the
schedule page by page or jump to the middle or the bottom and scroll
back up. The view function allows jumping immediately forward or
backward to any payment.
Another function, the Transaction Seek function allows the schedule
to be preset to a specific date before the view is invoked. Select
the Seek function and ask for 07-07-98, the first transaction viewed
will be the first transaction before that date.
This function is the same as the Schedule View function.
(Print) Form Feed
Send a form feed command to the printer to cause it to eject the
current page. It is the operator's responsibility to see that the
paper is properly aligned in the printer. The program expects the
printer to contain normal 8.5 by 11 inch paper.
(Print) Line feed
Send a line feed command to the printer to cause it to roll up one
line. This command is useful for aligning the paper to the top of a
page.
(Print) Summary
The Print Summary command is similar to the print printer command
except the report produced contains year end totals only. This report
allows a thirty year mortgage to be summarized on a single page.
(Print) Incomplete
PCLOAN5 Bottom Line Software 14
The Print Incomplete command will ask for a beginning and ending
payment number. It will then print a schedule containing both the
payments requested and all payments between them.
Interest Submenu Options
The Interest submenu allows changing the rate and the method of
calculating the interest due.
To select the Interest submenu, press the "I" key while the main
menu is displayed and no other submenus are open. If another submenu
is open, use the left or right arrow keys to select a new submenu.
Alternatively, you may press the Esc key to close the open submenu
and then select the desired submenu by pressing the letter key
corresponding to the first letter of its name. Eg. "Q" selects "Quit"
The Interest submenu looks like this:
░░ No file ░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░
├────────────────────────────────────────────────────────────
│ File Schedule Print Interest Transaction Calculator O
├───────────────────────┬───────┬────────────────────────────
│░░░░░░░░░░░░░░░░░░░░░░░│ Rate │░░░░░░░░░░░░░░░░░░░░░░░░░░░░
│░░░░░░░░░░░░░░░░░░░░░░░│ Basis │░░░░░░░░░░░░░░░░░░░░░░░░░░░░
│░░░░░░░░░░░░░░░░░░░░░░░└───────┘░░░░░░░░░░░░░░░░░░░░░░░░░░░░
(Interest) Rate
The Interest Rate function allows the user to change the interest
rate. When this function is requested, the user is asked for the new
interest rate. When the new rate is specified, it can be applied to
the current payment only, to the entire life of the loan, or to all
payments from the current payment to the maturity date.
To change the rates of a variable rate loan, create a schedule with
the original rate. Use the Transaction seek or the Transaction Goto
function to select the payment to which the first rate change
applies. Select the Interest Rate function to change the rate and
apply it to all transactions to the maturity date. Repeat this
process for later interest rate changes.
PCLOAN5 Bottom Line Software 15
(Interest) Basis
The Interest Basis function allows selecting among several common
methods of calculating interest.
The basis refers to the method used to calculate interest. Eg. Do
we calculate rate times balance divided by 12 or do we calculate rate
times balance times 31 days divided by 360 days per year?
Transaction Submenu Options
The Transaction Submenu offers functions related to individual
transactions. These functions apply only to transactions and only to
schedule files.
To select the Transaction submenu, press the "T" key while the main
menu is displayed and no other submenus are open. If another submenu
is open, use the left or right arrow keys to select a new submenu.
Alternatively, you may press the Esc key to close the open submenu
and then select the desired submenu by pressing the letter key
corresponding to the first letter of its name. Eg. "Q" selects "Quit"
┌░░ No file ░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░
├────────────────────────────────────────────────────────────
│ File Schedule Print Interest Transaction Calculator O
├─────────────────────────────────┬───────────┬──────────────
│░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░│ Go to │░░░░░░░░░░░░░░
│░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░│ Add │░░░░░░░░░░░░░░
│░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░│ Edit │░░░░░░░░░░░░░░
│░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░│ Seek date │░░░░░░░░░░░░░░
│░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░│ Delete │░░░░░░░░░░░░░░
│░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░│ Change │░░░░░░░░░░░░░░
│░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░│ Type │░░░░░░░░░░░░░░
│░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░└───────────┘░░░░░░░░░░░░░░
(Transaction) Go to
The Transaction Go to function asks for a payment number. It then
sets the file to that payment number. This allows beginning a view, a
browse, or a print console function at any predetermined payment
number.
PCLOAN5 Bottom Line Software 16
(Transaction) Add
The Transaction Add function allows adding individual irregular
transactions. A transaction may be a payment or a new principal
advance. Transactions may be any amount on any date.
When a schedule is recalculated, transactions scheduled after the
date on which the balance becomes zero are deleted.
(Transaction) Edit
The Transaction Edit function is yet another way of displaying the
data and optionally changing it. This function makes no attempt to
retain the tabular nature of a printed schedule. It displays, on the
screen, all the data in the file for one transaction at a time and
allows it to be viewed or changed.
The PageUp and PageDown keys allow paging through the schedule. Use
the Transaction Goto function to move long distances in the file.
After changing the data, don't forget to recalculate the schedule.
If you changed a date, you also need to sort the schedule to place
the payments in the correct date order.
This function is the same as the Schedule Edit function.
(Transaction) Seek date
The Transaction Seek date function asks for a payment date. It then
sets the file to the first payment before that date. This allows
beginning a view, a browse, or a print console function at any
predetermined date.
This date does not have to be a payment date. It does have to be a
valid date.
(Transaction) Delete
The Transaction Delete function requests either a payment number or
a payment date to be specified. The specified payment will be
deleted.
Don't forget to recalculate after deleting payments.
PCLOAN5 Bottom Line Software 17
(Transaction) Change
The Transaction Change function allows changing the payment amount.
The program will ask for a new payment amount. The new payment amount
can be applied to the currently selected transaction only, to all
transactions from the current transaction to the maturity of the
loan, or to the entire loan.
If you have inserted irregular payments in a schedule, be very
careful about using this function. It will change all specified
payments, including irregular payments
Don't forget to recalculate after changing payments.
(Transaction) Type
The transaction type specifies the method of allocating interest
and principal amounts.
The Transaction Type function allows the transaction type to be
changed for the current payment, the entire loan, or for all payments
from the current payment to maturity. See the detailed field
descriptions for definitions of payment types.
Calculator Submenu Functions
The Calculator Submenu allows access to two calculators one is for
calculating days between dates and future or past dates. The other is
a loan function calculator for calculating loan amounts payment
amounts apr's etc.
To select the Transaction submenu, press the "T" key while the main
menu is displayed and no other submenus are open. If another submenu
is open, use the left or right arrow keys to select a new submenu.
Alternatively, you may press the Esc key to close the open submenu
and then select the desired submenu by pressing the letter key
corresponding to the first letter of its name. Eg. "Q" selects "Quit"
PCLOAN5 Bottom Line Software 18
The Calculator Submenu looks like this:
┌░░ No file ░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░
├─────────────────────────────────────────────────────────────
│ File Schedule Print Interest Transaction Calculator Op
├──────────────────────────────────────────────┬────────────┬─
│░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░│ Mortgages │░
│░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░│ Dates │░
│░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░└────────────┘░
(Calculator) Mortgages
The mortgage calculator allows many types of mortgage related
calculations to be done quickly and easily. Calculate loan amounts,
payment amounts, number of payments, APR's, etc.
(Calculator) Dates
The date calculator allows calculating past or future dates and
days between dates.
The Options Submenu
The options submenu allows setting certain options that change the
way the program works.
Some of these options apply only to the current schedule, others
are stored on the disk in a file called a parameter file. When the
program is first started it reads this file to determine the options
the use has preset.
To select the Options submenu, press the "O" key while the main
menu is displayed and no other submenus are open. If another submenu
is open, use the left or right arrow keys to select a new submenu.
Alternatively, you may press the Esc key to close the open submenu
and then select the desired submenu by pressing the letter key
corresponding to the first letter of its name. Eg. "Q" selects "Quit"
PCLOAN5 Bottom Line Software 19
The File Options submenu looks like this
░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░┐
──────────────────────────────────────────────────────────────────┤
ule Print Interest Transaction Calculator Options QUIT │
──────────────────────────────────────────────┬────────────┬──────┤
░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░│ Fiscal year│░░░░░░│
░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░│ SFAS 91 │░░░░░░│
░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░│ Negative Am│░░░░░░│
░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░│ Defaults │░░░░░░│
░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░└────────────┘░░░░░░│
(Options) Fiscal year
The fiscal year end option allows a fiscal year end so the annual
interest totals will be for a fiscal year rather than a calendar
year.
(Options) Negative Am
The Negative Amortization option causes interest remaining unpaid
after each payment to be added to the principal.
(Options) Defaults
The Default options are stored on the disk in a parameter file and
are read by the program each time is starts. These default parameters
allow each user to customize the program to individual needs.
(Options) Defaults Company name
The amortization schedule printed by the program provides a space
for the name and address of the borrower and also of the lender or
mortgage company. Financial consultants may use this space for their
name and address.
(Options) Defaults Schedule Header
The amortization schedule has a two line header at the top of the
first page. This space can be used for any message desired or simply
left blank.
(Options) Defaults Schedule style
PCLOAN5 Bottom Line Software 20
The program offers two alternate schedule styles. One style prints
the total payment amount, the sum of the interest and principal
amounts for each payment. The alternate style prints a blank space
for the user of the schedule to record manually the actual date the
payment was paid.
(Options) Defaults Printer
Is the printer Epson compatible and does it print IBM compatible
graphics characters? This setting determines whether the program
prints a smooth continuous double line, ascii character 205, for a
schedule divider, or if the printer can't do it, substitutes a string
of equal characters ("=").
(Options) Defaults Visual
The program displays a great deal of information on the screen when
it is calculating or creating amortization schedules. This process
necessarily results in taking a longer time to complete the process.
If this function it turned off, no visual update, the program will
create schedules and recalculate schedules faster. How much faster
depends on your computer. If you have a slow video card in an old IBM
XT type machine you will notice a difference. If you are using a
floppy disk, you probably will not.
(Options)Defaults Data Path
The data path options allow you to specify where files are to be
stored on the disk system. The system initially looks for and creates
data files in the start up directory. You may specify any directory
as the data directory in which schedule files will be created and
stored. You may also specify other search paths. When searching for a
data file, the program will search these other paths as well. All new
files will be created in the data directory unless a specific data
path is given with the file name when the file is created.
╔═ Change data path ════════════════════════════════════════════╗
║ ║
║ Create files here : c:\pcloan5 ║
║ ║
║ Also search here : c:\pcloan5\oldfiles ║
║ ║
╚═══════════════════════════════════════════════════════════════╝
The setup above describes a hard disk system in which the PCLOAN5
system is installed in a directory called \pcloan5. The pcloan5
PCLOAN5 Bottom Line Software 21
directory has a subdirectory called oldfiles. The complete DOS path
name of the oldfiles directory is C:\PCLOAN5\OLDFILES. (NO PERIOD
AFTER THE PATH NAME)
To run the program the user logs on to the PCLOAN5 directory and
types the name of the program, PCLOAN5<RETURN>. The Parameter file
must be in the start up directory.
When a new schedule is created, it is created in the directory
C:\PCLOAN5. After the user is satisfied with it, it is copied to the
oldfiles subdirectory for long term storage. This user, being
computer wise, also makes a copy on a floppy disk in case the hard
disk crashes.
When the program is operating, the user can access files in either
the C:\PCLOAN5 directory, or in the C:\PCLOAN5\OLDFILES subdirectory
by simply typing the name of the file.
The file selection menu will display only the files located in the
current working default directory, C:\PCLOAN5.
Floppy disk systems data path
╔═ Change data path ════════════════════════════════════════════╗
║ ║
║ Create files here : b:\ ║
║ ║
║ Also search here : ║
║ ║
╚═══════════════════════════════════════════════════════════════╝
This setup, tells the program that all schedules and help files can
be found in the root directory of disk B: This arrangement is
required for 5.25" 362K floppy disks.
Quit Submenu
The quit submenu allows you to exit the program gracefully. It
should always be used. Exiting the program by turning off the machine
can result in the loss of data.
To select the Quit submenu, press the "Q" key while the main menu
is displayed and no other submenus are open. If another submenu is
open, use the left or right arrow keys to select a new submenu.
Alternatively, you may press the Esc key to close the open submenu
and then select the desired submenu by pressing the letter key
corresponding to the first letter of its name. Eg. "Q" selects "Quit"
The Quit Submenu looks like this:
PCLOAN5 Bottom Line Software 22
░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░┐
──────────────────────────────────────────────────────────────┤
Print Interest Transaction Calculator Options Quit │
───────────────────────────────────────────────────┬────────┬─┤
░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░│ Cancel │░│
░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░│ Quit │░│
░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░└────────┘░│
This submenu offers only two options. They are self explanatory.
Press "Q" to quit and return to DOS, or press "C" to cancel the Quit
Submenu and return to the Main Menu.
DO NOT QUIT THE PROGRAM BY TURNING OFF THE POWER!
The Status Line
The top line of the screen is the status line. It reports the
status of the current schedule by displaying the name of the current
schedule file, the total number of transactions in the file and the
transaction number of the currently selected transaction.
Usually, the number of transactions will be the same as the number
of payments. Principal advances are also transactions and each
principal advance will add one transaction. Rate changes also count
as transactions if the mortgage has a variable rate feature.
The "Smith" schedule is loaded, you have recently been viewing the
schedule and are currently on transaction 180. The status line looks
like this:
┌░░ Smith.sch ░░ 180 of 360 ░░░░░░░░░░░░░░░░░░░░░░░░░┐
├────────────────────────────────────────────────────┤
The status line.
Data Entry Screens
When the program needs information from the operator, it displays a
data entry screen. Usually data entry screens occupy the entire
screen. Occasionally, for a simple yes or no answer, the computer
will open a small window on the screen and ask a question. In this
instance the remainder of the screen will stay as is was before.
Data entry screens use prompts ( messages, questions ), to ask for
data. It uses fields to receive data. A field is a specific,
PCLOAN5 Bottom Line Software 23
isolated, identified, delineated, area in which data is entered on
the screen.
Usually prompts will appear on the screen followed by the data
field to its immediate right. Sometimes, the prompt may be below,
above, left, or right of the data field. It is the responsibility of
the program to make it clear to the user which prompt refers to which
field.
When the prompts and fields are printed on the screen, the fields
may or may not already contain data. If the program is building a new
record, the data fields will be empty. If the operator has asked to
edit an old record, the fields will contain the old data.
If the program is asking a question to verify a command you have
already given, or implied, the response field will contain a default
answer. A default answer is the answer the computer will use unless
you tell it something different. Often, the program will assume the
number of payments per year is 12 or that the interest basis is 1 and
preenter these amounts for you. These are default answers, you may
allow the program to continue with these values or you may change
them if you want a different value to be used.
Data Entry Cursor Control Keys
During data entry, you will move the cursor around the screen and
enter or change data until you have it like you want it. You will use
the cursor control keys to control the cursor.
The cursor control keys are controlled by the NumLock and the Shift
keys. The NumLock key toggles the numeric key pad back and forth
between the numeric mode and the cursor control mode.
The Shift key does the same thing but on a temporary basis.
For example:
You have the numeric key pad set for cursor control. You move the
cursor to a numeric entry. Next press and hold down the shift key,
this action changes the numeric keypad to numeric entry. You now
enter your number (still holding down the shift key) and then release
the Shift key. The numeric key pad shifts back to cursor control.
If you are a WordStar fan, you will find the Wordstar diamond works
much as you would expect but none of the other WordStar commands are
implemented.
PCLOAN5 Bottom Line Software 24
DATA ENTRY CURSOR CONTROL KEYS
^ Indicates the Control key labeled Ctrl. Thus ^LeftArrow means hold
down the control key while pressing the LeftArrow key.
This key: Does this:
Home Move the cursor to the beginning of the current field.
^Home Move the cursor to the beginning of the first field on this
screen.
End Move the cursor to the last character of the current field.
^End Move the cursor to the beginning of the last field on this
page.
UpArrow Move the cursor to the previous field.
DownArrow Move the cursor to the next field. Will not end the
current input screen by continuing to the next screen.
RightArrow Move the cursor one character to the right in the current
field.
^RightArrow Move the cursor to the beginning of the next word in the
current field.
LeftArrow Move the cursor to the left one character in the current
field.
^LeftArrow Move the cursor to the beginning of the current word. If
it is already at the beginning, move it to the beginning
of the previous word.
^T Delete from the cursor to the end of the current word.
^Y Delete from the cursor to the end of the current field.
PgUp PgDn Save the data on the current screen and continue to the
next screen.
Esc Continue to the next screen. Do not save the changes, if any
that were made to the current screen.
^U Restore the current field to its original value. This only
works before the cursor is moved out of the field. Once the
cursor has been moved, the only way to restore the original
value is to retype it.
Backspace Delete the character to the left of the cursor.
Delete Delete the character under the cursor
PCLOAN5 Bottom Line Software 25
Insert Toggle between insert and typeover modes.
PCLOAN5 Bottom Line Software 26
Browse Function
The browse screen options allow you to browse through the data
files. Each data record is displayed on one line across the screen.
Several records are displayed on each screen with the fields
appearing in columns.
The browse screen looks like this:
┌░░ TESTME.SCH Tran 1 of 360 ░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░Negative Am = N░┐
│░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░│
│╒═ TESTME.SCH ═══════════════════════════════════════════════════════════════╕│
││ Record 2/361 ││
││Tran Tran Int Payment Int Pmt Days Interest Interest ││
││No. Date Rate Amount Basis Type Int Due Paid ││
│╞════════════════════════════════════════════════════════════════════════════╡│
││ 1 │02/01/91│ 0.1200│ 1,269.88│ 1│ 1│ 30│ 1,234.5600│ 1,234.56││
││ 2 │03/01/91│ 0.1200│ 1,269.88│ 1│ 1│ 30│ 1,234.2100│ 1,234.21││
││ 3 │04/01/91│ 0.1200│ 1,269.88│ 1│ 1│ 30│ 1,233.8500│ 1,233.85││
││ 4 │05/01/91│ 0.1200│ 1,269.88│ 1│ 1│ 30│ 1,233.4900│ 1,233.49││
││ 5 │06/01/91│ 0.1200│ 1,269.88│ 1│ 1│ 30│ 1,233.1300│ 1,233.13││
││ 6 │07/01/91│ 0.1200│ 1,269.88│ 1│ 1│ 30│ 1,232.7600│ 1,232.76││
││ 7 │08/01/91│ 0.1200│ 1,269.88│ 1│ 1│ 30│ 1,232.3900│ 1,232.39││
││ 8 │09/01/91│ 0.1200│ 1,269.88│ 1│ 1│ 30│ 1,232.0100│ 1,232.01││
││ 9 │10/01/91│ 0.1200│ 1,269.88│ 1│ 1│ 30│ 1,231.6300│ 1,231.63││
││ 10 │11/01/91│ 0.1200│ 1,269.88│ 1│ 1│ 30│ 1,231.2500│ 1,231.25││
││ 11 │12/01/91│ 0.1200│ 1,269.88│ 1│ 1│ 30│ 1,230.8600│ 1,230.86││
││ 12 │01/01/92│ 0.1200│ 1,269.88│ 1│ 1│ 30│ 1,230.4700│ 1,230.47││
││ 13 │02/01/92│ 0.1200│ 1,269.88│ 1│ 1│ 30│ 1,230.0800│ 1,230.08││
││ 14 │03/01/92│ 0.1200│ 1,269.88│ 1│ 1│ 30│ 1,229.6800│ 1,229.68││
││ 15 │04/01/92│ 0.1200│ 1,269.88│ 1│ 1│ 30│ 1,229.2800│ 1,229.28││
│╘════════════════════════════════════════════════════════════════════════════╛│
│░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░│
└──────────────────────────────────────────────────────────────────────────────┘
The record contains many more fields than can be displayed on the
screen on a single line. To accomplish the goal of one loan on one
line, the line scrolls across the screen. As you use the cursor keys
to move your view to the right, the columns on the left side of the
screen scroll off the screen to the left while the formerly invisible
columns to the right of the screen scroll onto the screen from the
right.
Try it. It is much simpler to do than to describe.
PCLOAN5 Bottom Line Software 27
Browse Cursor Control Keys
This key Does this:
Up Move the cursor up one line, (record, loan, transaction)
Down Move the cursor down one line, (record, loan, transaction)
-> Right Move the cursor one column (field) to the right. If the
cursor is in a field and the editing mode is on, move the
cursor one character to the right.
<- Left Move the cursor one column (field) to the left. If the
cursor is in a field and the editing mode is on, move the
cursor one character to the left.
<Return> Turn on the editing mode (feature) and edit the data in
the currently selected field. If the edit mode is already
on, quit editing the current field, keep the edited
field and continue on the next field to the right.
^-> CtrlRight Scroll the entire data base one column to the left.
(Moves the cursor to the right)
^-> CtrlLeft Scroll the entire data base one column to the right.
(Moves the cursor to the left)
PgDn Move down one page (further into the data base).
PgUp Move up one page (back towards the top of the database).
^PgUp Move to the top, first record in the data base.
^PgDn Move to the bottom, last record of the data base.
End Move to the right most column on the screen.
Home Move to the left most column on the screen.
^End Move to the last field to the right of the current record
and scroll the screen so that field is in the right most
column of the screen.
^Home Move to the first field of the current record and place the
first field of each record in the left most column on the
screen.
Esc Exit the browse function and return to the menu.
PCLOAN5 Bottom Line Software 28
Create an amortization schedule
To create a new amortization schedule, select the Schedule Create
command from the menu. You will be asked for a new filename. Remember
that if a file exists with the same name, it will be replaced by a
new file containing your new amortization schedule.
After specifying the schedule file name, you will see the schedule
data entry screen. This screen is used to enter the information
necessary to specify the original terms of the mortgage.
Mortgage data entry screen:
╔══════════════════════════════════════════════╗
║ Date of mortgage : / / ║
║ Date first payment: / / ║
║ Mortgage amount : 0.00 ║
║ Number payments : 0 ║
║ Payments per year : 0 ║
║ Initial rate : 0.0000 ║
║ Interest basis : 0 ║
║ Payment type : 0 ║
║ Payment amount : 0.00 ║
║ No pmts Int only : 0 ║
║ Balloon at pmt no.: 0 ║
║ ║
╚══════════════════════════════════════════════╝
Enter the data requested. If you make a mistake, you can use the
cursor control keys to back up to previous fields and correct or
change the data. Refer to the table DATA ENTRY CURSOR CONTROL KEYS
for a reference on how the data entry editing keys work.
Date of mortgage
This is the date of the mortgage. The date funds were advanced. The
date interest begins to accrue.
Date of first payment
The date the first payment is due. All future payment dates are
computed from this date. If the date of the mortgage is January 1
first and the date of the first payment is February 5th, all later
payments will be on the 5th of the month.
PCLOAN5 Bottom Line Software 29
Mortgage amount
The original principal amount of the mortgage. This is the gross
amount. The amount used to calculate the payment amount. If a
mortgage is for 100,000.00 with two points, the gross amount is
100,000.00. The net amount financed is $98,000.00. The net amount is
used to calculate the APR. Enter the gross amount, $100,000.00.
Number of payments
The number of payments. This is the number of payments necessary to
amortize the loan. This is not years. If the mortgage is a 30 year
mortgage payable in monthly payments the number of payments is 360.
Payments per year
Number of payments scheduled each year, normally 12 but any regular
periodic period is acceptable. This number can be 1, 2, 3, 4, 6, 12,
13, 24, 26, or 52.
PCLOAN5 Bottom Line Software 30
The number of payments per year is simply the number of payments
the debtor is expected to pay each year during the life of the loan.
If payments are required monthly, the number of payments per year is
12.
Examples:
payments number of payments
required per year
weekly 52
semi monthly 24
every other week 26
eg. every other Friday
monthly 12
each fourth week 13
eg. every fourth payday.
quarterly 4
thirdly 3
semi-annually 2
annually 1
Initial rate
This is the initial rate of interest quoted in the mortgage
document. If the mortgage is a variable rate mortgage the annual
adjustments will be entered after the schedule is created. Use the
Interest Rate menu option to change the rate.
The program adjusts for your preferred manner of entering interest
rates. Twelve per cent can be entered as either .12, or as 12, or as
12.00.
Interest basis
The interest basis determines the manner in which the interest is
calculated. If you are not sure, press the return key when the field
contains a zero and you will be asked to select the basis from a menu
of valid choices.
PCLOAN5 Bottom Line Software 31
Payment type
The payment type determines the manner in which the payment amount
is allocated to interest and principal. If you are not sure, press
the return key with a zero in the field and you will be presented
with a menu of valid payment types.
There are several commonly used methods of quoting loan payments.
In the first and most common method, the interest is included in the
payment amount quoted. When a payment is made, the interest due is
calculated and deducted from the payment amount. The amount remaining
is applied to the principal balance of the note. This results in all
payments being the same amount. This is the normal manner in which
loan payments are quoted.
In an other method, the loan amount is simply divided by the number
of payments to be made and the result is quoted as the payment
amount. It is understood that all accrued interest is due each
payment date in addition to the principal payment.
When a payment is made on this type note. The interest is
calculated and added to the quoted payment amount to arrive at the
amount of the total payment. This method results in a larger total
payment in the beginning but the payment declines over the life of
the loan as the interest amount declines.
Another method is the same as the first except the payment is
applied at the beginning of the payment period instead of the end of
the period. The first payment is due on the date of the note.
The Canadian Semiannual Compounded mortgage is not really a
different payment type as much as a different way of computing
interest. PCLOAN implements this loan as a payment type instead of an
interest basis.
Payment amount
The payment amount can be entered or calculated. If you enter an
amount, the program will use the amount you enter. If you press the
return key with a zero amount in the payment field, the program will
compute the correct payment amount.
NOTE:
If you press return on a zero payment amount and let the
program compute the payment amount, and later use the cursor
control keys to return to and change a data field that would
require a change in payment amount, you must change the
previously calculated payment amount to zero so the program will
know it needs to be calculated.
PCLOAN5 Bottom Line Software 32
IF YOU WANT THE PROGRAM TO CALCULATE THE PAYMENT AMOUNT FOR YOU,
YOU MUST CHANGE IT BACK TO ZERO.
If you have specified interest only or balloon payments, it will
ignore them and assume the payment you want is the payment necessary
to amortize the loan over the number of payments you specified as the
number of payments to amortize.
If you enter a payment amount, it will use the amount you enter.
(For better or worse!)
If you specify interest only payments and allow the program to
compute the payment amount, the payment amount it uses will not
completely amortize the loan unless you also specify a balloon
payment.
If you want interest only, and complete amortization WITHOUT a
balloon payment, use the loan calculator option from the main menu to
calculate the proper payment for you.
For this to work, you must trick the program by telling it to
amortize the number of payments from the end of the interest only
schedule to the final payment. This is the total number of payments
less the number of interest only payments.
Number payments interst only
Real estate investors often negotiate mortgages with a period of
interest only payments at the beginning of the mortgage term. If
used, these payments will collect only the interest due, regardless
of the specified payment amount.
The number of interest only payments will usually be zero. It may
be any integer number. The amortization routine will not collect any
principal payment until this number of payments has been collected
charging only the interest due.
If the number of interest only payments is greater than the number
of payments to amortize, the program will never charge any principal.
It will collect interest only to the end of the schedule.
PCLOAN5 Bottom Line Software 33
If the payment amount entered is larger than the interest due, the
excess amount will simply be ignored. This type loan is quite common
in real estate financing.
Example:
Interest due 1000.00
Payment amount 1350.00
Amount collected 1000.00
Applied to interest 1000.00
Applied to principal 0.00
If there are no interest only payments, simply enter zero or press
the <return> key.
Balloon at payment number
Many times a loan will have a long term amortization schedule and a
short term maturity. A payment based on a thirty year amortization
schedule but with a five year maturity. At the 60th month the entire
balance is due. This results in a balloon payment, a payment that is
much larger than the previous payments.
If this feature is to be used, enter the payment number at which
the mortgage is to mature, balloon.
The balloon payment is the payment at which the entire amount is
due. This is sometimes called the call date. It is the final maturity
date of the note.
The final maturity date of most notes is simply the date the last
payment matures. If no balloon payment is required, enter 0 or press
<return>.
The note is payable in annual installments based on a ten year
amortization schedule but the entire amount unpaid is due on the
fifth anniversary.
The balloon payment would be payment number 5, the fifth payment.
Prepayment Variations
There are three types of prepayment variations, ont time
prepayments, regular periodic prepayments, and irregular periodic
prepayments. PCLOAN5 can easily handle any of these variations.
PCLOAN5 Bottom Line Software 34
Regular Periodic Prepayments
Assume the base mortgage has monthly payments.
Fixed amount each month:
This variation can be handled two different ways.
1) Create another mortgage schedule and enter the payment
amount as the sum of the regular payment amount plus the
prepayment amount.
2) Use the base mortgage with its original payment amount and
add a secondary schedule for the amount of the prepayment.
Fixed amount quarterly, semiannually, or annually, etc.
This variation can be handled by adding a secondary schedule.
When asked to enter the secondary schedule, enter the date of the
first additional payment, the number of additional payments and the
number of additional payments per year. If the additional payment
is quarterly, the payments per year would be four.
Thirteen regular monthly payments per year with the thirteenth being
made on a regular payment date.
This is tricky because it is not thirteen payments per year! If
you tell the computer 13 payments per year, it will think you mean
one payment each four weeks. What you really mean is 11 payments of
the regular amount followed by a twelfth payment of double the
regular amount.
To set up this variation, you must set up a base mortgage and add
a secondary schedule. The secondary schedule is one annual payment
in the amount of the regular monthly payment.
Irregular and One Time Payments
Irregular payments or one time prepayments are added manually to
the payment schedule. This is done through the Transaction Add. You
must enter the date of the payment, the interest rate and the amount
of the payment, all the other data will be calculated.
If you add payments, be sure to sort the file to place the
payments in order by date and to recalculate the schedule before
printing or comparing it.
Entering a secondary schedule
PCLOAN5 Bottom Line Software 35
A secondary schedule is a regular payment schedule. Secondary
payments can be for any amount at any regular periodic frequency. The
primary schedule will nearly always be monthly. The secondary
schedule may be monthly, quarterly, semi annual or annual. PCLOAN5
combines the secondary payment schedule with the primary schedule.
All payments of both schedules are intermixed and sorted into date
order. The resulting combined schedule is then calclated to show the
results.
When you use the Schedule Add command from the main menu, you will
see the secondary schedule data entry screen.
╔══Enter secondary schedule ...═══════════════════╗
║ ║
║ Date of first payment : / / ║
║ Number payments : 0 ║
║ No Pmts per year : 0 ║
║ Payment amount : 0.00 ║
║ ║
╚═════════════════════════════════════════════════╝
Date of first payment
This is the date of the first secondary schedule payment. It may be
any valid date after the date of the mortgage and before the maturity
date. All future secondary schedule payment dates will be calculated
from this date. If this date is 08-15-93 and the number of payments
per year is entered as 4, the secondary schedule payments will be 08-
15, 11-15, 02-15, and 05-15 each year thereafter.
Number of payments
How many secondary payments will be made. Will the secondary
schedule extend until final maturity or only for a year or so? If a
30 year mortgage has been paying 10 years, there are 20 years
remaining. If the secondary payments are monthly it would take 240 of
them to reach the maturity date.
If more is paid, the maturity will come sooner. Since you do not
know when the balance will reach zero, do not worry about it. Just
enter the 240 monthly payments or 60 quarterly or 20 annual payments.
When the schedule is calculated, all unnecessary payments will be
deleted.
Number of payments per year
PCLOAN5 Bottom Line Software 36
Although we have discussed only monthly, quarterly and annual
prepayments, the prepayment frequency can be any valid frequency, 1,
2, 4, 6, 12, 13, 24, 26, or 52 payment per year.
Payment amount
Enter the amount of the secondary payment.
Interest basis and payment type
Interest basis and payment type are assumed to be the same as the
base mortgage.
Interest Computation Basis
The basis of interest computation refers to the divisor used in the
interest formula. The formula for computing interest is very simple:
Interest = Rate x Principal x Time
PCLOAN5 Bottom Line Software 37
This is the base formula we all learned in school. It is so simple
it often is inadequate to describe real world situations like partial
periods.
To make the computations simpler, the money lenders many years ago
decided to divide the year in to twelve months of thirty days each.
Using this system, the year has only 360 days.
The interest for one month becomes:
principal x 1(month)
interest = rate x -------------------------------
12 (months)
This simplifies to:
principal
interest = rate x -----------------------------
12(months)
For periods of an odd number of days the formula becomes:
principal x days
interest = rate x -----------------------
360
The bankers loved it. They charged interest on a daily basis,
every day, one day at a time. This means they modified the formula
to look like this:
Formula for one year's interest (360 basis)
365 days
interest = rate x principal x -----------------
360 days
or
interest = rate x principal x 1.0139
PCLOAN5 Bottom Line Software 38
This results in an interest amount 1.39% greater than would be
produced by the basic interest formula. This becomes significant for
lenders with large loan portfolios.
This type calculation is seldom used for calculating interest on
mortgages, almost never for home mortgages. Occasionally, when
dealing with a flexible lender, partial payments are made between
payment dates. When this is done, we must have a way to allocate the
interest for a partial payment period.
PCLOAN5 provides both methods. It does not make judgments. It
does not make assumptions. You must tell it which method to use.
Recalculating A Schedule
When a new schedule is created, the interest and principal amounts
of each payment are calculated and the ending balance and other data
is stored in the file. This data is stored for every payment. A 30
year mortgage will have 361 records in the file. The first record is
not a payment but a record of the original amount, date. rate, etc.
If you add or change a payment or a payment date, the interest,
principal, and ending balance amounts will change for each payment
after the payment you changed. When you have made such changes in a
schedule file, it becomes necessary to recalculate the schedule. The
recalculate function from the main menu is used to recalculate the
amended schedule.
The racalc option recalculates the current schedule file. If no
file is open, it will ask for a file name. You must give it the name
of an amortization schedule file.
You will then be asked if you have made any changes or added any
payments since the schedule was recalculated. If you reply "Y", the
schedule will be sorted into order by transaction date before it is
calculated. If you reply "N", the schedule will not be sorted. This
is a critical question. If you have changed the date order of any
payment and do not resort the schedule, the results will be
meaningless.
Printing Reports
All reports are printed from disk files. The disk files contain
amortization schedules that have been previously generated and which
may or may not have been modified by adding regular of irregular
payments.
PCLOAN5 Bottom Line Software 39
Printing an amortization schedule
To print an amortization schedule you must first create the
schedule by using the menu function to create a schedule.
When a schedule exists on the disk, you can print an amortization
schedule by selecting the Print Printer option from the main menu.
If no file is open, you will be asked for a filename. Enter the file
name. Be sure the printer is on line and that it has plenty of paper.
Printing a summary schedule
A summary schedule lists year end totals only. All the monthly
transactions are omitted. The summary report allows summarizing an
entire 30 year mortgage on a single page.
To print a summary schedule, select the Print Summary option from
the Print submenu. You cannot print a summary report from the
Schedule submenu.
Stopping an unwanted schedule.
You will occasionally start a long schedule only to discover you
made an error. To stop this schedule, simply press the escape key.
Press the key while the report is printing, not during a pause.
When the report is aborted, the menu will return. You will still
have your same data and can simply correct the error and reprint.
If your printer has a large memory buffer, it may print several
lines after the computer has returned to the menu. The only way to
stop most printers is to turn them off, then back on. If you do this,
you must reset the paper to top of form.
Customizing the Reports
Changing the Company Name
Selection 1 from the parameter file menu allows you to enter or
change the company name. This name is printed on the amortization
schedule comparison report. The report will state that it was
prepared by the company (or person) listed in the parameter file.
PCLOAN5 Bottom Line Software 40
Changing the Schedule Header
The amortization schedule has a two line header. This is the
topmost two lines on the first page of the schedule. These two lines
can contain any text you like.
To change this text, select the option to change the Amortization
Schedule Header from the parameter file menu.
You will see a screen that looks like this:
Update the Amortization Schedule Header
Header line 1 The text of the current header will
Header line 2 appear here in two lines.
You may enter any text you like on these two lines. Do not worry
about centering it, the program will do that for you.
Change the Printer Setup
Option four from the parameter file menu allows you to specify data
about what your printer can and cannot print.
Selection this option, displays a screen that looks like this:
╔═════════════════════════════════════════════════════╗
║ ║
║ ║
║ Maximum printer width (characters 80 ║
║ ║
║ IBM compatible control codes T/F T ║
║ ║
║ IBM compatible graphics characters T/F F ║
║ ║
║ ║
╚═════════════════════════════════════════════════════╝
You should set this information to correspond to your printer.
Although most printers will print 132 characters per line using
condensed print, this version of the program does not print reports
wider than 80 characters. The maximum printer width should be left
at 80.
PCLOAN5 Bottom Line Software 41
Change the Printer Control Codes.
A future version will allow printing reports in condensed print.
The current version does not send any printer control codes.
Printer Graphics Characters.
The report headers use the ascii character 205 " ═ " to make lines
to set off special areas of the report. If your printer does not
print these characters, the lines will appear as repeated strings of
letters across the page.
If this setting is set to F, the program will substitute the equal
sign " = " for this purpose. The difference is that the ascii
characters make a solid double line. The equal signs do not quit
touch.
The graphics divider line looks like this:
════════════════════════════════════════════════════════════
Annual Totals $12,345.67
════════════════════════════════════════════════════════════
The non graphics divider line looks like this:
==========================================================
Annual totals $12,345.67
==========================================================
Visual Update .
This setting is either "on" or "off".
The visual update system informs the user of what the program is
doing at every moment. This system is usually comforting to beginners
and many times obnoxious to experts. Turn it on or off as you like.
See the tutorial section for a more complete description of the
visual update system.
PCLOAN5 Bottom Line Software 42
Financial Calculator
The program has two built in calculators, a loan calculator and a
date calculator. When you select the Calculator Mortgages option from
the main menu, you may choose one of these calculators:
Financial calculatons
░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░┐
─────────────────────────────────────────────────────────────────┤
le Print Interest Transaction Calculator Options QUIT │
─────────────────────────────┬────────────────────┬──────────────┤
░░░░░░░░░░░░░░░░░░░░░░░░░░░░░│ Amount of loan │░░░░░░░░░░░░░░│
░░░░░░░░░░░░░░░░░░░░░░░░░░░░░│ Payment amount │░░░░░░░░░░░░░░│
░░░░░░░░░░░░░░░░░░░░░░░░░░░░░│ Number payments │░░░░░░░░░░░░░░│
░░░░░░░░░░░░░░░░░░░░░░░░░░░░░│ Future value │░░░░░░░░░░░░░░│
░░░░░░░░░░░░░░░░░░░░░░░░░░░░░│ Present value │░░░░░░░░░░░░░░│
░░░░░░░░░░░░░░░░░░░░░░░░░░░░░│ Reg Z APR │░░░░░░░░░░░░░░│
░░░░░░░░░░░░░░░░░░░░░░░░░░░░░└────────────────────┘░░░░░░░░░░░░░░│
To calculate the amount of loan a specific series of payments can
repay, select Amount of loan by pressing the "A" key.
This calculator screen will appear:
╒═══════ Calculate loan amount ═════════╕
│ │
│ Payment amount..... 0.00 │
│ Interest rate...... 0.0000 │
│ Number of payments. 0 │
│ Payments per year.. 12 │
│ Payment type....... 0 │
│ │
╞═══════════════════════════════════════╡
│ Amount of loan..... │
╞═══════════════════════════════════════╡
╘══════ Constant principal at end ══════╛
Enter the data requested. This calculator expects the same data and
works in the same manner as any business calculator except that you
do not tell it to calculate. When you make the last entry, payment
type, the amount of loan will be calculated and displayed.
The payment type specified is described on the bottom line of the
calculator box. If you change the payment type, the description will
change.
PCLOAN5 Bottom Line Software 43
Immediately after displaying the amount of the loan, the calculator
will return do the data entry mode, ready to accept another problem.
When you are finished, press ESC to return to the main menu.
The other calculators work the same way.
Date calculations
The date calculator allows the calculation of days between dates or
past or future dates.
The days between dates screen looks like this:
╒════ Calculate days between dates ═════╕
│ │
│ Enter first date... 03/18/90 │
│ Enter second date.. / / │
│ │
╞═══════════════════════════════════════╡
│ Days between dates. │
╞═══════════════════════════════════════╡
╘═══════════════════════════════════════╛
The calculator assumes the first date is the system date, often,
this will not be the case. You may change the first date to any valid
date.
Next enter the second date, the calculator will instantly calculate
the days between these dates and display the result. The calculator
will return to the data entry mode and await more dates. You may
enter and calculate days between dates as long as you like. When you
are ready to quit, press the ESC key to return to the menu.
APR calculations
Calculating the Regulation Z Annual Percentage Rate is accomplished
easily with the APR calculator, even if the mortgage has points
deducted from the face amount.
PCLOAN5 Bottom Line Software 44
The APR calculator looks like this:
┌──────────────────────────────────────────────────────────┐
│ What is the gross amount financed 1,000.00 │
│ What is the origination fee 10.00 │
│ How many payment streams 1 │
│ What is the length of one unit period 30 │
│ What is the basis, 360/365. REG Z uses 360 │
└──────────────────────────────────────────────────────────┘
│ Enter data about Payment │
│ payment streams Stream │
│ 1 │
├─────────────────────────────────────────┤
│ Payment amount 89.00 │
│ Number of payments 12 │
│ Periods to first pmt 1 │
│ Odd days to first pmt 0 │
│ │
│ Gross amount financed 1,000.00 │
│ Net amount financed 990.00 │
│ Annual Percentage Rate 14.2377 │
└─────────────────────────────────────────┘
APR calculator data entry
What is the gross amount financed?
The gross amount financed is the total principal amount of the
loan. If the loan is a consumer loan, this amount will include credit
insurance and official filing fees if they are charged.
This is the amount of the loan before the "points" are deducted.
What is the origination fee?
The origination fee is the "points". This amount does not include
application fees, credit report fees, or other fees that are paid to
third parties. It includes only the discount points.
How many payment streams?
This part can become complicated but for a normal mortgage loan it
is not. A normal mortgage or consumer loan has one payment stream.
A payment stream is one or more payments of the same amount paid
once, or paid repeatedly at regular periodic intervals. Twenty four
monthly payments of $125.00 each is one payment stream. One payment
of $1200.00 payable two years from now is one payment stream. A
PCLOAN5 Bottom Line Software 45
balloon note has two payment streams. A normal mortgage with a
secondary schedule would have two payment streams. A normal mortgage
with a secondary schedule and a balloon payment would have three
payment streams.
The APR calculator allows a maximum of three payment streams.
What is the length of one unit period?
Regulation Z calculations are made using the common 30 day month,
360 day year method of computing interest. All years are 360 days.
All months are 30 days.
One unit period is the normal time period between the regular
payments of this payment stream. The unit period for monthly
payments is 30. The unit period for quarterly payments is 90. The
unit period for weekly payments is 7. Etc
What is the basis, 360/365?
Regulation Z uses the 360 day basis. The calculator will work also
with the 365 day basis if you are interested in comparing results.
┌─────────────────────────────────────────┐
│ Enter data about Payment │
│ payment streams Stream │
│ 1 │
├─────────────────────────────────────────┤
│ Payment amount 89.00 │
│ Number of payments 12 │
│ Periods to first pmt 1 │
│ Odd days to first pmt 0 │
│ │
│ Gross amount financed 1,000.00 │
│ Net amount financed 990.00 │
│ Annual Percentage Rate 14.2377 │
└─────────────────────────────────────────┘
For each payment stream, you will be asked the following data:
Payment amount
Enter the amount of the payments in this stream. All payments in a
payment stream are the same amount.
Number of payments
PCLOAN5 Bottom Line Software 46
How many payments are in this payment stream. If the loan has a
balloon at the 24th month, the number of payments in the first
payment stream is 23, not 24.
The balloon payment would be the only payment in payment stream
two.
You must know the dollar amount of the balloon payment. If you have
not already done so, use the Schedule Create function to create a
schedule and calculate the amount of the balloon payment for you.
Periods to first payment
How many complete payment periods will elapse before the first
payment is due? This is tricky because although Reg Z assumes all
months are 30 days. It does not apply the 30 day month rule here.
If the payments are monthly and the loan is dated February first,
the first payment is due on March first. This is obviously not 30
days but it is the correct date. In this case, the number of unit
periods is one. If the first payment is due anytime in April, the
number of unit periods is two. If the payment is due in February,
the number of unit periods is zero.
Odd days to first payment
This is the most difficult part of Reg Z calculations because reg Z
runs in reverse. If the number of unit periods is one, the number of
odd days is the number of days from the date one unit period before
the date of the first payment to the date of the note.
Date of note 02-03-91
Date of first payment 03-05-91
Number of unit periods 1
Odd period begins 02-03-90
Odd period ends 02-05-90
Odd days 2
PCLOAN5 Bottom Line Software 47
Multiple payment streams
If there are two or three payment streams, the calculator screen
will display two or three columns accordingly. Enter the data for
each payment stream.
Tutorial. How to Use the Program
Start the program by logging on to the subdirectory in which it is
installed and then type its name.
PCLOAN5<return>
When the main menu appears, press the "S" key followed by the "C"
key. The "S" key selects the Schedule submenu. When the Schedule
submenu is displayed, the "C" key selects the Create option.
Since you are creating a new schedule file, you will be asked for a
new filename. Enter the filename TESTME. The program will add the
extension ".SCH" to the filename you entered and will create a file
named TESTME.SCH.
Make a new schedule
Next you will see the mortgage data entry screen, it will look like
this:
╔══════════════════════════════════════════════╗
║ Date of mortgage : / / ║
║ Date first payment: / / ║
║ Mortgage amount : 0.00 ║
║ Number payments : 0 ║
║ Payments per year : 0 ║
║ Initial rate : 0.0000 ║
║ Interest basis : 0 ║
║ Payment type : 0 ║
║ Payment amount : 0.00 ║
║ No pmts Int only : 0 ║
║ Balloon at pmt no.: 0 ║
║ ║
╚══════════════════════════════════════════════╝
PCLOAN5 Bottom Line Software 48
Enter the following data:
╔══════════════════════════════════════════════╗
║ Date of mortgage : 01/01/91 ║
║ Date first payment: 02/01/01 ║
║ Mortgage amount : 123,456.00 ║
║ Number payments : 120 ║
║ Payments per year : 12 ║
║ Initial rate : 12.0000 ║
║ Interest basis : 0 ║
║ Payment type : 0 ║
║ Payment amount : 0.00 ║
║ No pmts Int only : 0 ║
║ Balloon at pmt no.: 0 ║
║ ║
╚══════════════════════════════════════════════╝
Do not enter the Interest basis. Press the return key while the
0.00 is displayed in that field. PCLOAN5 will offer the valid options
displayed in a menu:
Selecting interest basis
╔═════════════════════════════════════════════════╗
║ Date of mortgage : 01/01/91 ║
║ Date first payment: 02/01/91 ║
║ Mortgage amount : 123,456.00 ║
║ Number payments : 120 ║
║ Payments per year : 12 ║
║ Initial rate : 12.0000 ║
║ Interest basis : 0 ║
║ Payment type : 0 ║
║ Payment amount : 0.00 ║
║
║ ┌─ Valid interest basis choices are: ───────────────┐
║ │ 1 360 day year, 360 divisor, whole period │
╚════ │ 2 365 day year, 360 divisor, actual days accrual. │
│ 3 365 day year, 365 divisor, actual days accrual. │
└────────────────────────────────────────────────────┘
The first selection will be highlighted. Press <return> to select
it. You may also select an option by pressing the number
corresponding location in the list. eg. 1, 2, or 3.
PCLOAN5 Bottom Line Software 49
Again, do not select the payment type. When the payment type field
is highlighted, waiting for an entry. Press the <return> key while
the 0.00 is displayed. Again you will be shown a menu of all valid
choices:
Selecting payment type
╔═════════════════════════════════════════════════╗
║ Date of mortgage : 01/01/91 ║
║ Date first payment: 02/01/91 ║
║ Mortgage amount : 123,456.00 ║
║ Number payments : 120 ║
║ Payments per year : 12 ║
║ Initial rate : 12.0000 ║
║ Interest basis : 1 ║
║ Payment type : 0 ║
║ Payment amount : 0.00 ║
║
║ ┌─ Valid payment types are: ────────────────────────┐
║ │ 1 Level payment amount, take interest first. │
╚════ │ 2 Level principal amount + all accrued interest. │
│ 3 Level payment amount at beginning of period. │
│ 4 Canadian, monthly payment, semiannual compound. │
└────────────────────────────────────────────────────┘
The first option will be highlighted. Press <return> to select it.
Note that the previous entry "Interest Basis" was filled in by the
program when you pressed the <return> key to select the first option
of the prior option menu. When you press <return> to select the
payment type, the program will again fill in the blank space on the
screen. It will replace the 0.00 with the payment type selected from
the payment options menu.
PCLOAN5 Bottom Line Software 50
Computing the payment amount
╔══════════════════════════════════════════════╗
║ Date of mortgage : 01/01/91 ║
║ Date first payment: 02/01/01 ║
║ Mortgage amount : 123,456.00 ║
║ Number payments : 120 ║
║ Payments per year : 12 ║
║ Initial rate : 12.0000 ║
║ Interest basis : 1 ║
║ Payment type : 1 ║
║ Payment amount : ▒▒▒▒▒▒▒▒▒▒▒▒▒ ║
║ No pmts Int only : 0 ║
║ Balloon at pmt no.: 0 ║
║ ║
╚══════════════════════════════════════════════╝
The program is now ready to accept or to compute a payment amount.
The payment amount field still contains 0.00 and is highlighted.
Again, do not enter anything. Press the <return> key while the 0.00
payment amount is highlighted and the program will instantly compute
and display the payment amount needed to amortize the loan you have
described.
╔══════════════════════════════════════════════╗
║ Date of mortgage : 01/01/91 ║
║ Date first payment: 02/01/01 ║
║ Mortgage amount : 123,456.00 ║
║ Number payments : 120 ║
║ Payments per year : 12 ║
║ Initial rate : 12.0000 ║
║ Interest basis : 1 ║
║ Payment type : 1 ║
║ Payment amount : 1,771.23 ║
║ No pmts Int only : 0 ║
║ Balloon at pmt no.: 0 ║
║ ║
╚══════════════════════════════════════════════╝
You can experiment with interest only and balloons later. For now
press the PgDn key, or press the return key twice. Pressing the
return key twice selects the 0.00 entries already displayed in the
interest only and balloon fields. Pressing the PgDn key skips these
fields completely and leaves their contents at 0.00.
PCLOAN5 Bottom Line Software 51
The screen will clear and you will see a message that informs you
the program is computing the final maturity date. This computation
will take several seconds.
The next screen will be the visual update screen. It will show the
results of each and every payment calculation for the entire
amortization schedule. The numbers will change very quickly. You will
not be able to read the results of each payment, but you will be able
to visualize the progress made as the amortization process
progresses. This screen is optional and can be turned off by the
Options selection from the main menu.
The completion gauge is displayed below the visual status. It is
displayed even if the visual display is turned off.
Viewing or Browsing the schedule on screen
The schedule is now complete and the screen is displaying the main
menu. Use the arrow keys to highlight the "Schedule" option, then
press the <return> key. The "Schedule" submenu will appear below the
"Schedule" option of the main menu. Now use the down arrow key to
select the "Browse" option from the submenu. Press <return> and the
browse screen will appear.
Press Ctrl-PgDn and the browse screen will go to the bottom of the
file, to the last payment. Use the right arrow key to cause the
highlighted field to move across the screen to the right. When it
reaches the right edge of the screen, the column on the left side of
the screen will disappear. All other columns will move one column to
the left and a new column will appear on the right side of the
screen. This process is called scrolling. It looks like you are
moving a wide spread sheet behind the screen. The spread sheet is
being moved from right to left. As one column slides out of view on
the left, another slides into view from the right.
You can use the browse screen to view and if you like, to change,
any information in the file.
The highlight is on the first column on the left. This column
contains the payment number of the transaction on this line. In this
case it is the last transaction of the loan, number 120.
Use the right arrow key to move the cursor to the left, you will
see these values as the data scrolls from left to right.
PCLOAN5 Bottom Line Software 52
Column Data description Contents
1 Transaction no 120
2 Transaction date 01/01/01
3 Rate 12.00
4 Payment amount 1772.24
5 Interest Basis 1
6 Payment Type 1
7 Days interest 30
8 Interests due 17.55
9 Interest paid 17.55
10 Interest unpaid 0.00
11 Cumulative interest 89,092.61
12 Principal due 1,754.69
13 Principal paid 1,754.69
14 Principal prepaid 0.00
15 Principal unpaid 0.00
16 Principal advanced 0.00
17 Beginning Balance 1754.69
18 Ending Balance 0.00
19 Force Interest N
20 Force Principal N
Notice that the payment amount of the last payment is not the same
as the payment amount calculated and displayed on the data entry
screen. The difference between the calculated payment amount,
$1,771.23 and the final payment amount, represents the cumulative
rounding errors involved in the process. These errors are caused by
the mathematics of the process and are unavoidable. The actual
payment necessary to exactly amortize this loan is $1,771.234941.
This is rounded to $1,771.23 before the amortization process begins.
Each interest payment is also rounded to exact cents.
Finding a payment by payment number
Press the ESC key to leave the browse screen. You are now back at
the main menu. Press the "T" key followed by the "G" key. These keys
will invoke the Transaction Go to function. You will be asked to
enter a transaction number. Enter 72.
The main menu will reappear. Press the keys "S", followed by "B" to
invoke the Schedule Browse function again. Notice that the payment at
the top of the screen is payment number 72.
Finding a payment by payment date
Press the ESC key again to return to the main menu. Use the arrow
keys to highlight the Transaction option. Press return. The
Transaction submenu will appear. Use the down arrow key to select
PCLOAN5 Bottom Line Software 53
Seek Date. Press <return>. You are now asked to enter a date. Enter
the date 03-05-93. You press only the number keys. You do not enter
the separators "-" or "/" used in the date.
Again the main menu is available. Select the Schedule Browse
function again. Notice that the payment at the top of the screen is
number 26, its date is 03/01/93. This is the first payment before the
date you entered.
Press Esc to exit the Browse screen. Select the Schedule View
function by pressing the "S" key, then the "V" key. Notice that the
payment at the top of the screen is number 26, dated 03/01/93. This
is the same payment you saw at the top of the previous browse screen.
If you return to the browse screen now, that same payment will still
be at the top of the screen.
Press the page up key and watch the schedule scroll up to earlier
payments. Press the page down key to see the opposite.
Printing the entire schedule
When you are through Viewing the schedule, press the ESC key to
return to the main menu. Select the print option by pressing the "P"
key to select the Print submenu, then press the "P" key again to
select printer.
The next screen asks for the name and address of the borrower. You
many enter the name and up to four lines of address, comments,
collateral description, or any other text.
When you enter the last line of the address, the completion gauge
will keep you informed of the printing progress. Notice that the
completion bar will get ahead of the printer. This happens because it
is measuring the number of transactions actually sent to the printer,
not the number of transactions actually printed. Most printers have
their own internal memory and can accept data from the computer much
faster than they can print it.
Printing a range of payments
When the print job is complete (it will take several minutes
since there are 120 transactions) select the Print Incomplete option
from the main menu. When you are asked for the beginning and ending
payments, tell it 12 and 24 respectfully. Again you will be asked
for the name and address of the borrower, you may either enter text,
or press the page down key to skip this step.
This time the schedule will include the header followed by only
transactions 12 through 24.
PCLOAN5 Bottom Line Software 54
Printing an annual summary
For the final print lesson, select option Print Summary. Follow the
instructions on the screen. Press page down to skip the borrowers
name and address. This schedule will list only year end results.
Adding a secondary schedule
Select Schedule Add schedule from the main menu. If you are asked
for a filename, tell it TESTME (assuming you have just completed the
above exercises!).
You will be asked for the following information:
╔══Enter secondary schedule ...═══════════════════╗
║ ║
║ Date of first payment : / / ║
║ Number payments : 0 ║
║ No Pmts per year : 0 ║
║ Payment amount : 0.00 ║
║ ║
╚═════════════════════════════════════════════════╝
We will add a $100.00 quarterly prepayment schedule to the existing
schedule.
Since the date of the original loan was 01/01/91, the first
quarterly payment would be due 04/01/91. Enter that date as the date
of the first payment (of the secondary schedule).
This is a ten year schedule, the number of quarterly payments would
be 40. Enter 40 for the number of payments in the secondary schedule.
Since the payments will be quarterly, enter 4 payments per year.
The payment amount we specified was $100.00. Enter that amount as
the payment amount.
PCLOAN5 Bottom Line Software 55
The screen should look like this:
╔══Enter secondary schedule ...═══════════════════╗
║ ║
║ Date of first payment : 04/01/91 ║
║ Number payments : 40 ║
║ No Pmts per year : 4 ║
║ Payment amount : 100.00 ║
║ ║
╚═════════════════════════════════════════════════╝
Again the visual update system will report each payment as it is
added to the schedule. This is very quick because no calculations are
done. These payments are simply added to the end of the file. When
all the payments have been entered, the schedule will be sorted into
order by transaction date and recalculated.
When this process is completed, you can again use the Schedule
Browse, Schedule View, or the Print Printer functions to see the
results.
Schedule File Specifications
The amortization schedule files produced by the program all have
the same structure. A list of field names along with their data types
is reproduced here. This file is a Dbase compatible file and can be
read or modified with Dbase III.
Field Field Data Field DP Description
No Name Type Width
1 MTRAN_NO Numeric 3 Transaction number
2 MTRAN_DATE Date 8 Transaction due date
3 MACCR_RATE Numeric 7 4 Accrual interest rate
4 MPMT_AMT Numeric 12 2 Scheduled payment
5 MINT_BASIS Numeric 1 Interest basis
6 MPMT_TYPE Numeric 1 Payment Type
7 MACCR_DAYS Numeric 4 Days since last payment
8 MINT_DUE Numeric 12 4 Interest Due
9 MINT_PAID Numeric 12 2 Interest paid
10 MINT_UNPD Numeric 12 4 Interest unpaid (after)
11 MINT_ACUML Numeric 12 2 Total interest paid
12 MPRIN_DUE Numeric 12 2 Principal Due, unpaid
13 MPRIN_PAID Numeric 12 2 Principal paid
14 PRINPREPD *Numeric 12 2 Principal prepaid
15 MPRIN_UNPD *Numeric 12 2 Principal past due
16 MPRIN_ADV *Numeric 12 2 Principal increase
17 MBEG_BAL Numeric 12 2 Balance before payment
PCLOAN5 Bottom Line Software 56
18 MEND_BAL Numeric 12 2 Balance after payment
19 MFORCE_INT Logical 1 Force this interest amount
20 MFORCE_PRN Logical 1 Force this principal
21 MDATE_PAID Date 8 Date actually paid
22 MINCOME_91 Numeric 12 2 FASB 91 interest income
23 FEES_91 Numeric 12 2 FASB 91 fee income
24 MNPV_91 Numeric 12 2 FASB 91 Net recorded value
25 MTRANCODE Numeric 3 2 Transaction type
Detailed Field Descriptions
MTRAN_NO Numeric 3 Transaction number
The transaction number. Each file has a transaction number zero
which is not a payment but represents the original status of the
loan. It stores the original loan amount, payment amount, interest
rate, dates of mortgage and first payment, payment frequency and
types, and any other information necessary to specify the terms of
the original mortgage.
MTRAN_DATE Date 8 Transaction due date
The transaction date. This is the scheduled data of each
transaction. When a real mortgage is paid, the actual payment may
or may not be made on this date.
MACCR_RATE Numeric 7 4 Accrual interest rate
This is the interest rate, the accrual rate at which the interest
will be computed for this payment. This rate will be applied to the
balance due since the date of the prior payment. To change the
interest rate between payments, it is necessary to add a
transaction on the date the rate is to change. The added
transaction will have the new rate but the payment amount will be
zero.
MPMT_AMT Numeric 12 2 Scheduled payment amount
The scheduled payment amount. This amount will usually be the same
from payment to payment but it is not required to be. It will be
applied to the interest and principal according to the rule set by
the field named MPMT_TYPE.
PCLOAN5 Bottom Line Software 57
MINT_BASIS Numeric 1 Interest basis
The interest basis refers to the method of determining the time,
the length of the period, when computing interest.
1 360/360 Normal periodic amortization
(Always computes one period's interest)
2 365/360 Actual day amortization with 360 divisor
3 365/365 Actual day amortization with 365 divisor
4 Same as 1 but computes 0 interest for partial period
MPMT_TYPE Numeric 1 Payment Type
The payment type determines how the payment amount is allocated to
interest and principal.
1 Normal amortization, interest plus principal. Take the interest
first then apply what ever is left to the principal.
2 Constant principal reduction + all accrued int. Apply the full
payment amount specified to the principal and collect enough
additional payment to pay all interest due.
MACCR_DAYS Numeric 4 Days since last payment
Days since the date of last payment. If interest basis is 2 or 3,
this is the actual number of days for which interest will be
computed.
MINT_DUE Numeric 12 4 Interest Due
The interest amount due as of the date of this payment.
MINT_PAID Numeric 12 2 Interest paid
The interest amount actually paid from this payment.
PCLOAN5 Bottom Line Software 58
MINT_UNPD Numeric 12 4 Interest unpaid (after)
The interest remaining due but unpaid after the payment due today
was paid. This amount is normally zero but may be greater than zero
if the payment amount is not large enough to pay all the interest
due.
MINT_ACUML Numeric 12 2 Total interest paid
Accumulated interest paid since the mortgage began. This is the
total of all the interest amounts paid from the first payment to
and including the current payment. At the date of the final
payment, when the balance reaches zero, this field will contain the
total interest cost for the entire life of the mortgage.
MPRIN_DUE Numeric 12 2 Principal Due, unpaid
Principal Due as of the date of the payment. This is the amount of
principal which should be paid with the current payment.
MPRIN_PAID Numeric 12 2 Principal paid
Principal paid with this payment. This is the amount of principal
actually deducted from the balance with this payment.
PRINPREPD Numeric 12 2 Principal prepaid(*)
Principal prepaid. This is the amount of principal that has been
deducted from the balance before it was due.
MPRIN_UNPD Numeric 12 2 Principal past due(*)
When a payment is not sufficient to pay the entire amount of
principal due, this field will contain the principal amount
remaining unpaid.
MPRIN_ADV Numeric 12 2 Principal increase
Principal advance. Increase in amount of principal. This amount
will be added to the principal balance.
PCLOAN5 Bottom Line Software 59
MBEG_BAL Numeric 12 2 Balance before payment
This is the balance due before this payment is paid. It is always
the same as the ending balance from the previous payment.
MEND_BAL Numeric 12 2 Balance after payment
This is the principal balance remaining unpaid after the current
payment has been paid.
MFORCE_INT Logical 1 Force this interest amount
In some cases, an interest payment is scheduled which has no
relationship to the actual interest accrued to the date of the
payment. One example would be prepaid interest.
When this field is set to T, (true), the amount specified in the
interest payment field will be applied to interest regardless of
the amount due. The amount prepaid or if the case may be, unpaid
will be carried forward to future payments.
MFORCE_PRN Logical 1 Force this principal amount
In some cases, a principal payment is scheduled which has no
relationship to the actual interest accrued to the date of the
payment. In other words a payment is scheduled in which the entire
amount will be applied to principal and the interest due will just
be ignored.
When this field is set to T, (true), the amount specified in the
principal payment field will be deducted from the balance
regardless of the amount of interest or principal due.
MDATE_PAID Date 8 Date actually paid(*)
Date this payment was actually paid. In real life, most payments
are paid on a date close to but not actually on the exact due date.
This field allows the user to maintain a schedule which shows both
the due data and the date paid. Use the browse function to record
this date.
MINCOME_91 Numeric 12 2 FASB 91 interest income
This is the GAAP income for the period computed by the FASB91
rules. It is the sum of the interest income and the fee amortizaton
for the period.
PCLOAN5 Bottom Line Software 60
MFEES_91 Numeric 12 2 FASB 91 fee income
This is the fraction of the loan origination fees which has been
allocated to fee income for this amortization period.
MNPV_91 Numeric 12 2 FASB 91 Net Recorded Value
This is the FASB91 net recorded value. It is the net present value
of the remaining payment stream using the net yield as the discount
rate.
MTRANCODE Numeric 3 0 Transaction code
This is the transaction code. Only three codes are assigned, all
other codes are reserved for future.
Tran code
0 Header record. This record is the first record in the file.
It is NOT a transaction. It stores the startup information
about the loan, amount, term, rate, points, etc.
1 This is a regular payment.
21 This is a rate change.
PCLOAN5 Bottom Line Software 61
Data file header
Record Zero, Loan setup information:
The first record in the data file stores the initial information
about the loan, not a transaction but information that specifies how
the loan is to be repaid.
Each field in the header record stores the following information:
Field name: Data stored:
------------
----------------------------------------------------------
mtran_no Balloon payment number
mdate_tran Date note
maccr_rate Initial interest rate
mpmt_amt Initial payment amount
mint_basis Initial interest calculation basis
mpmt_type Initial payment type
maccr_days Payment frequency, payments per year
mint_due Initial payment type
mint_paid Month FYE
mint_unpd Origination fees, points
mint_acuml Schedule style
mprin_due Total negative amortization
mprin_paid Number interest only payments
prinprepd Principal prepaid, paid before due.
mprin_unpd Principal due but unpaid.
mprin_adv Face amount
mbeg_bal Number of payments to amortize contract
mend_bal Face amount
mforce_int Variable rate indicator t/f
mforce_prin Negative amortization indicator t/f
mdate_paid Date first contract payment
mincome_91 FASB 91 flag, 1 = true, -1 = false
mfees_91 Capitalizable expenses
mnpv_91 FASB 91 Net Recorded Value
mtrancode MUST BE 0, used to sort header record to top of file.
PCLOAN5 Bottom Line Software 62
Frequent Questions
Can the amortization schedules be made to agree exactly with the
bank's interest and principal figures?
PCLOAN5 must make some assumptions the bank does not make. PCLOAN5
assumes you make every payment EXACTLY on the due date. If you do so,
the schedule you print with PCLOAN5 should agree exactly (In real
life, plus or minus a few cents for rounding differences.) with the
bank's figures. If you miss the due date on even one payment, the
schedule will never again agree exactly with the bank's. Being early
is just as troublesome as being late.
The bank computes and accumulates one day's interest every day.
When you make your payment, they take exactly the amount of interest
accumulated since the last payment with no regard as to how much
interest is "due" for one month. You are charged interest for the
exact number of days elapsed since the last payment regardless of
whether it was ten days or forty days.
PCLOAN5 offers an interest option to calculate by this method. You
can select this method by selecting the interest options menu. This
selection must still assume that each payment is made on the payment
date. In real life this is not always the case.
In those cases when it is necessary to check the accuracy of the
lender's interest computations, Bottom Line Software has a program
that solves the problem. It is called INTEREST CHECKER.
INTEREST CHECKER makes no assumptions and imposes no structure. You
enter every payment date. You can pay any amount on interest or
principal on any date. The interest rate can be changed on any date,
even between payments.
If it can happen on a real loan, INTEREST CHECKER can calculate it.
QUESTION:
How does PCLOAN5 handle rounding?
PCLOAN5 carries all numeric calculations to the limits of the
software's accuracy, 13 to 14 significant figures. This refers to the
total number of digits in the number, not to the number of decimal
points. For Example:
123,456,789.01234
PCLOAN5 Bottom Line Software 63
123,456.78901234
Both of the above numbers have fourteen significant figures. The
first number has five decimal digits, the second has eight decimal
digits.
When calculating a payment amount, it is immediately rounded to
exact cents. Normal rounding conventions are used.
Payment Rounded
1,234.6650 1,234.6700
1,234.6649 1,234.6600
The program does this because this is the way it is done on real
loans.
When calculating an interest amount, it too is immediately rounded
to exact cents.
By rounding the payment amount and each interest payment amount,
the principal payment amounts are always in exact cents and we avoid
odd fractional payments and odd fractional remaining balances.
QUESTION:
How can I get the total interest paid over the life of the loan
without actually printing the entire schedule?
Use the browse function to look at the last payment. Press the
Control Down Arrow key to go to the bottom of the schedule. Look in
the column labeled Cumulative interest. The last amount in this
column is the total interest paid over the life of the loan
You may estimate this amount by multiplying the total number of
payments by the payment amount and subtracting the principal amount.
These two numbers will almost never agree exactly.
Which is correct?
Both are correct but only the first method is exact.
To be exact, it is necessary to round off the calculation of the
payment amount and each and every interest payment to the nearest
cent. This is exactly what the program does.
PCLOAN5 Bottom Line Software 64
This problem is caused by the fact that the EXACT payment amount
required does not equate to an even number of cents (The smallest
unit of money we have available). If we round everything off to the
nearest penny and compute our schedule, we will find when we are
finished we have a total interest amount in which we can have
absolute confidence. THIS is the EXACT amount of interest paid on
this loan. It may be slightly more or less than the absolutely
correct amount but it is the actual amount paid.
If we take this exact amount and work backwards we discover....
Oooops, our APR is no longer accurate. We originally quoted 12.0000%
but working backwards, the actual rate computes out to something
different. it may be slightly more or slightly less but almost never
exactly the quoted rate.
Mathematics always extracts its price. We can pay it up front, or
on the back end, but we will always pay. In real life, the adjustment
is made on the final payment. It will be a little larger or a little
smaller than the quoted payment. This is the way the program works.
When the final payment is reached, the interest is computed and
charged. The principal payment is then simply the remaining balance.
This may or may not be the same as the regular payment amount less
the accrued interest.
QUESTION:
How does the bank compute interest?
Most bank software keeps and calculates the interest amount
accurate to only four decimal places (1/100 of one cent). PCLOAN5
calculates all dollar amounts accurate to 13 to 14 significant
figures. This accuracy is much greater than that used by the software
in most bank computers. This is not to put down bank computers. They
are programmed in COBOL almost exclusively and COBOL, being a
business language is designed to keep up with dollars and cents.
Many banks still use the rule of 78ths to compute interest on
consumer loans. The rule of 78ths is a very old system that
originated in the days when all interest was calculated longhand on a
piece of paper. It was a very good system and greatly reduced the
work of lenders in the days before computers. This is sometimes
called add-on interest, flat interest, or pre computed interest. It
does not agree exactly with the interest computed using the daily
accrual method usually called simple interest amortization. It will
be fairly close but never the same. Most people believe they really
get cheated when this system is used. Not so. If the APR is the same,
the total dollar amount of interest paid will be the same. The rule
of 78ths does apply more interest to the early months of the contract
and less interest to the later months.
PCLOAN5 Bottom Line Software 65
The rule of 78ths can be applied to a period of any length of time.
It could easily be used to compute daily accruals just like the
normal daily interest accrual used in simple interest loans. This is
never done. It is always used on a monthly basis.
How can you tell which system is being used? The best way is to
read the note. If the face amount of the note includes the interest,
it is rule of 78ths. If the face amount of the note is the same as
the amount your borrowed, it is simple interest. If you get an
interest rebate for paying off the loan early, it is rule of 78ths.
If the percentage rate is some odd figure like 13.96 instead of 14.00
or 13.75, it is probably rule of 78ths.
QUESTION:
How do I compute the APR for a loan with points?
Points are a fee charged by lenders to increase their income and
profitability without "raising the rate" on the loan. Points are
usually expressed as a percentage of the face amount of the loan.
Common amounts are 1 to 2 percent. Each percent is one point.
If a $100,000.00 mortgage has two points charged, the dollar amount
of the points is $2,000.00. This is 0.02 x $100,000.00.
To compute the APR for this loan, display the loan calculations
menu, select the APR function and then enter the data requested.
When entering the amount of the loan, enter the "net" proceeds.
$100,000.00 - $2,000.00 or $98,000.00. This is the amount they are
actually "lending". The borrower never sees the points.
QUESTION:
The screen display is so dim, I can't read it.
PCLOAN5 attempts to adjust itself to your monitor. If your monitor
is a color monitor, it prints white characters on a blue background.
If your monitor is black and white, it displays white characters on a
black background.
Some computers have a graphics display card with a monochrome
monitor. The graphics display card tells PCLOAN5 that you have a
color monitor. When the blue and white screens are printed on your
monitor, there is not enough contrast.
If you have this problem, select the options submenu, visual
options and set the default to force monochrome operation.
PCLOAN5 Bottom Line Software 66