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Text File | 1994-01-01 | 28.2 KB | 583 lines

================================ | EZ-Loan | | | | (The loan payment calculator) | | Version 2.0 | | | | Instruction Manual | ================================ by: John Jenkins === Introduction === How often have you wanted to quickly figure out how much a loan payment would be per month for something you really wanted to buy ? Thanks to EZ-Loan, you can quickly throw in the following numbers: Interest Rate, Principal Amount, Term Length, and instantly have in front of you: Monthly Payment Total of Payments Total Interest In addition, you can also obtain a complete payment schedule, with starting balance, amount of interest paid, amount of principal paid, and ending balance for each month. Other features include: Making Extra Payments Saving the schedule to a file Printing the schedule === EZ-Loan Requirements === EZ-Loan requires an IBM compatible with at least 256K to run. It runs fastest when installed on a hard drive. The monitor type does not matter. EZ-Loan is written in Turbo-C and has been tested on the following computers: 8088-8 MGA MS-DOS 3.3 & MS-DOS 4.0 286-12 VGA MS-DOS 4.0 & MS-DOS 5.0 386-33 VGA MS-DOS 5.0 486-33 VGA MS-DOS 5.0 === EZ-Loan Installation === To install EZ-Loan, you need only 200K of free disk space. Simply copy the files on the distribution to the directory of your choice. There is no set up or configuration required, simply plug and play. === How EZ-Loan Works === When you first execute ez-loan, you will be presented with a screen (see Figure 1) with nine (9) lines of empty fields. You enter the amount of the loan in column number 1 (titled [Amount Borrowed]), the term length of the loan in column number 2 (titled [Number of Payments]), and the interest rate in column number 3 (titled [Interest Rate]). Looking at the bottom of the screen, you will see two "buttons" defined. F1 will create a payment schedule and F2 will clear all the fields on the screen. === Moving Around The Screen === You can move around the screen using the arrow keys. If you fill a field completely, the cursor will automatically move to the next field. Otherwise, pressing TAB, RETURN, or DOWN ARROW will move the cursor to the next field. Pressing the UP ARROW will move to the previous field, and pressing ESC will exit the current screen. =============================================================================== Calculate Loan Monthly Payment Amount Number of Interest Monthly Total Total of Borrowed Payments Rate Payment Interest Payments ($) (months) (%) ($) ($) ($) 1. _______ ___ _____ _________ __________ __________ 2. _______ ___ _____ _________ __________ __________ 3. _______ ___ _____ _________ __________ __________ 4. _______ ___ _____ _________ __________ __________ 5. _______ ___ _____ _________ __________ __________ 6. _______ ___ _____ _________ __________ __________ 7. _______ ___ _____ _________ __________ __________ 8. _______ ___ _____ _________ __________ __________ 9. _______ ___ _____ _________ __________ __________ Enter amount borrowed ___________________________________________________________________________ | F1 = Calculate and Display Amortization Schedule | F2 = Clear All Fields | --------------------------------------------------------------------------- OVERTYPE =============================================================================== Figure 1 - Initial Screen After the fields have been filled, and the cursor has moved to the next field, the columns 4 through 6 will be filled automatically with the monthly payment, total interest, and total of payments. All the fields may be filled to get a comparison of different scenarios, such as different interest rates, with the same loan amount and term length. Example: I want to buy a $120,000 house and pay it off in 30 years. I also want to check out different interest rates, and what would happen if I took the loan for 15 years instead. See Figure 2 for what the screen would look like. =============================================================================== Calculate Loan Monthly Payment Amount Number of Interest Monthly Total Total of Borrowed Payments Rate Payment Interest Payments ($) (months) (%) ($) ($) ($) 1. 120000 360 9 965.55 227596.97 347596.97 2. 120000 360 8 880.52 196986.30 316986.30 3. 120000 360 7 798.36 167410.68 287410.68 4. 120000 360 6 719.46 139005.83 259005.83 5. 120000 180 9 1217.12 99081.58 219081.58 6. 120000 180 8 1146.78 86420.85 206420.85 7. 120000 180 7 1078.59 74146.91 194146.91 8. 120000 180 6 1012.63 62273.07 182273.07 9. ___ _____ _________ __________ __________ Enter amount borrowed ___________________________________________________________________________ | F1 = Calculate and Display Amortization Schedule | F2 = Clear All Fields | --------------------------------------------------------------------------- OVERTYPE =============================================================================== Figure 2 - Screen with calculated data === Generating a Payment Schedule === One of the more useful features of EZ-Loan is that a payment schedule can be generated. By pressing F1, a small window (Figure 3) will pop up and you will be asked to give the line number of the data you wish to use to generate the table. Type the line number, and press RETURN. =============================================================================== +------ Which line number ? (1-9) ------+ | | | 1_ | | | -------------------------------- OVERTYPE -+ =============================================================================== Figure 3 - Line number window The menu window shown in Figure 4 will the be displayed, giving the choice between two different types of tables: Payment Number based and Payment Date based. Either use the UP/DOWN arrow keys, or type the number of your choice. See section titled: "Table based on payment number" for choice #1 or "Table based on payment date" for choice #2 for further descriptions. =============================================================================== +--- Choose an amortization schedule format ---+ | | | 1. Table with Payment Numbers only | | 2. Table with Payment Dates only | | | | To produce a table by payment number | +------------------------------------------------+ =============================================================================== Figure 4 - Table Format menu ==== Table based on payment number ==== The complete payment schedule, from payment #1 to the end of the term, will be displayed (see Figure 5). This table can be scrolled through using the UP and DOWN ARROWS or HOME will go to the FIRST PAGE, and END will go to the LAST PAGE. PGUP and PGDN will move backward and forward one page. =============================================================================== Amortization Schedule ________________________________________________________________________ | Pay't | Starting | Payment | Principal | Interest | Remaining | | # | Balance | Due | Paid | Paid | Balance | |-------|------------|------------|------------|------------|------------| | 1 | 120000.00 | 965.55 | 65.55 | 900.00 | 119934.45 | | 2 | 119934.45 | 965.55 | 66.04 | 899.51 | 119868.41 | | 3 | 119868.41 | 965.55 | 66.54 | 899.01 | 119801.87 | | 4 | 119801.87 | 965.55 | 67.04 | 898.51 | 119734.84 | | 5 | 119734.84 | 965.55 | 67.54 | 898.01 | 119667.30 | | 6 | 119667.30 | 965.55 | 68.05 | 897.50 | 119599.25 | | 7 | 119599.25 | 965.55 | 68.56 | 896.99 | 119530.70 | | 8 | 119530.70 | 965.55 | 69.07 | 896.48 | 119461.63 | | 9 | 119461.63 | 965.55 | 69.59 | 895.96 | 119392.04 | | 10 | 119392.04 | 965.55 | 70.11 | 895.44 | 119321.93 | | 11 | 119321.93 | 965.55 | 70.64 | 894.91 | 119251.29 | | 12 | 119251.29 | 965.55 | 71.17 | 894.38 | 119180.13 | | 13 | 119180.13 | 965.55 | 71.70 | 893.85 | 119108.43 | | 14 | 119108.43 | 965.55 | 72.24 | 893.31 | 119036.19 | | 15 | 119036.19 | 965.55 | 72.78 | 892.77 | 118963.41 | |_______|____________|____________|____________|____________|____________| ____________________ ________________ _____________ ____________________ | F1 | F2 | F3 | F4 | | Make Extra Payment | Original Table | Print Table | Save Table to File | -------------------- ---------------- ------------- -------------------- =============================================================================== Figure 5 - Payment Schedule Table === Special Operations on a Payment Number Schedule === Note the function keys at the bottom of the page. A nice feature of EZ-Loan is that you will be able predict what will happen if you decide to make an extra payment at any time during the loan. As with all extra payments, this money will go only towards paying off principal. Press F1 and a small window like that in Figure 6 will pop up and ask for the payment amount and the number from column 1 on the schedule at which you want to apply the payment. Fill in the blanks and press RETURN. =============================================================================== +-- Enter starting month and year ---+ | | | Extra payment amount: _____ | | Payment # to apply at: ___ | | | | Enter amount of payment | +------------------------------------+ =============================================================================== Figure 6 - Extra Payment amount window The screen will change to reflect what has been done as a result of the extra payment (see Figure 7). If you go to the bottom of the table, you can see which payments have been eliminated by this extra payment. Goes to show how far an extra payment can go. In the example shown, almost 100 payments were eliminated just because of the one extra payment made !! =============================================================================== Amortization Schedule ________________________________________________________________________ | Pay't | Starting | Payment | Principal | Interest | Remaining | | # | Balance | Due | Paid | Paid | Balance | |-------|------------|------------|------------|------------|------------| | 1 | 120000.00 | 965.55 | 65.55 | 900.00 | 119934.45 | | 2 | 119934.45 | 965.55 | 66.04 | 899.51 | 119868.41 | | 3 | 119868.41 | 965.55 | 66.54 | 899.01 | 119801.87 | | 4 | 119801.87 | 965.55 | 67.04 | 898.51 | 119734.84 | | 5 | 119734.84 | 965.55 | 67.54 | 898.01 | 119667.30 | | 5 | 119667.30 | 10000.00 | 10000.00 | 0.00 | 109667.30 | | 6 | 109667.30 | 965.55 | 143.05 | 822.50 | 109524.25 | | 7 | 109524.25 | 965.55 | 144.12 | 821.43 | 109380.13 | | 8 | 109380.13 | 965.55 | 145.20 | 820.35 | 109234.93 | | 9 | 109234.93 | 965.55 | 146.29 | 819.26 | 109088.65 | | 10 | 109088.65 | 965.55 | 147.39 | 818.16 | 108941.26 | | 11 | 108941.26 | 965.55 | 148.49 | 817.06 | 108792.77 | | 12 | 108792.77 | 965.55 | 149.60 | 815.95 | 108643.17 | | 13 | 108643.17 | 965.55 | 150.73 | 814.82 | 108492.44 | | 14 | 108492.44 | 965.55 | 151.86 | 813.69 | 108340.58 | |_______|____________|____________|____________|____________|____________| ____________________ ________________ _____________ ____________________ | F1 | F2 | F3 | F4 | | Make Extra Payment | Original Table | Print Table | Save Table to File | -------------------- ---------------- ------------- -------------------- =============================================================================== Figure 7 - result of Extra Payment This process may be repeated any number of times. The biggest payment that will be applied is the loan balance at the time the extra payment is made. If you want the original table to be displayed, press F2 and the table will be restored. === Printing a Schedule === EZ-Loan allows a payment schedule to be sent to a printer. At this time, only dot-matrix have been tested, although the name of the printer can be given. Press F3 and the window in Figure 8 will be displayed. Enter the printer name and press RETURN to print the schedule. =============================================================================== +----------Enter name of printer-----------+ | | | ________________________________ | | | +------------------------------- OVERTYPE -+ =============================================================================== Figure 8 - Printer name window === Saving a Schedule === EZ-Loan allows a payment schedule to be saved to a file. Press F3 and the window in Figure 9 will be displayed. Enter the file name and press RETURN to save the schedule. =============================================================================== +------------Enter name of file------------+ | | | ________________________________ | | | +------------------------------- OVERTYPE -+ =============================================================================== Figure 9 - Filename window ==== Table based on payment date ==== In order to create a table giving dates, the date of the first payment of the loan must be entered. A window will pop up requiring this data be entered (see Figure 10). The month may be entered as either text or the month number. By pressing ?, a list of months will be displayed. =============================================================================== +-- Enter starting month and year ---+ | | | Loan Starting Month: _________ | | Loan Starting Year: __ | | | | Enter loan starting month | +------------------------- OVERTYPE -+ =============================================================================== Figure 10 - Loan dates The complete payment schedule, from payment #1 to the end of the term, will be displayed (see Figure 11). This table can be scrolled through using the UP and DOWN ARROWS or HOME will go to the FIRST PAGE, and END will go to the LAST PAGE. PGUP and PGDN will move backward and forward one page. =============================================================================== Amortization Schedule ________________________________________________________________________ | Pay't | Starting | Payment | Principal | Interest | Remaining | | Date | Balance | Due | Paid | Paid | Balance | |-------|------------|------------|------------|------------|------------| | 01/90 | 120000.00 | 880.52 | 80.52 | 800.00 | 119919.48 | | 02/90 | 119919.48 | 880.52 | 81.06 | 799.46 | 119838.42 | | 03/90 | 119838.42 | 880.52 | 81.60 | 798.92 | 119756.83 | | 04/90 | 119756.83 | 880.52 | 82.14 | 798.38 | 119674.68 | | 05/90 | 119674.68 | 880.52 | 82.69 | 797.83 | 119592.00 | | 06/90 | 119592.00 | 880.52 | 83.24 | 797.28 | 119508.76 | | 07/90 | 119508.76 | 880.52 | 83.79 | 796.73 | 119424.96 | | 08/90 | 119424.96 | 880.52 | 84.35 | 796.17 | 119340.61 | | 09/90 | 119340.61 | 880.52 | 84.92 | 795.60 | 119255.69 | | 10/90 | 119255.69 | 880.52 | 85.48 | 795.04 | 119170.21 | | 11/90 | 119170.21 | 880.52 | 86.05 | 794.47 | 119084.16 | | 12/90 | 119084.16 | 880.52 | 86.63 | 793.89 | 118997.53 | | 01/91 | 118997.53 | 880.52 | 87.20 | 793.32 | 118910.33 | | 02/91 | 118910.33 | 880.52 | 87.78 | 792.74 | 118822.54 | | 03/91 | 118822.54 | 880.52 | 88.37 | 792.15 | 118734.17 | |_______|____________|____________|____________|____________|____________| _____________ __________ ___________ __________ _________ _______ | F1 | F2 | | F3 | | F4 | | F5 | F6 | |Extra Payment|Orig Table| |Print Table| |Save Table| |New Dates|Summary| ------------------------ ----------- ---------- ----------------- =============================================================================== Figure 11 - Date Based Schedule Table === Special Operations on a Payment Date Schedule === Note the function keys at the bottom of the page. A nice feature of EZ-Loan is that you will be able predict what will happen if you decide to make an extra payment at any time during the loan. As with all extra payments, this money will go only towards paying off principal. Press F1 and a small window like that in Figure 12 will pop up and ask for information that will be used to construct the extra payment(s). You will be asked for the extra payment amount and when it is to be applied. One difference from the payment number schedule is that REGULAR extra payments can be applied at one time. The period of time that the extra payments will be in effect can be entered as well as the payment frequency. Only one of the payment frequency choices can be made at a time. In order to select the payment frequency, simply type either 'X' or 'x'. The space character and delete/backspace will clear a choice. By default and if none are chosen, the payment will be made only once, at the starting date. Note: if the "until" field is left blank, the extra payment will be in effect until the end of the loan term. =============================================================================== +------------ Enter extra payment information -------------+ | | | Payment Amount: 100____ | | Payment(s) Applied: starting 1/90 until: __/__ | | Payment Frequency: | | One Time Only [_] Annually [_] | | Semi Annually [_] Quarterly [_] | | Monthly [X] | | Enter extra payment amount | +----------------------------------------------- OVERTYPE -+ =============================================================================== Figure 12 - Extra Payment window The screen will change to reflect what has been done as a result of the extra payment(s) (see Figure 13). =============================================================================== Amortization Schedule ________________________________________________________________________ | Pay't | Starting | Payment | Principal | Interest | Remaining | | Date | Balance | Due | Paid | Paid | Balance | |-------|------------|------------|------------|------------|------------| | 01/90 | 120000.00 | 880.52 | 80.52 | 800.00 | 119919.48 | | 01/90 | 119919.48 | 100.00 | 100.00 | 0.00 | 119819.48 | | 02/90 | 119819.48 | 880.52 | 81.72 | 798.80 | 119737.76 | | 02/90 | 119737.76 | 100.00 | 100.00 | 0.00 | 119637.76 | | 03/90 | 119637.76 | 880.52 | 82.93 | 797.59 | 119554.82 | | 03/90 | 119554.82 | 100.00 | 100.00 | 0.00 | 119454.82 | | 04/90 | 119454.82 | 880.52 | 84.15 | 796.37 | 119370.67 | | 04/90 | 119370.67 | 100.00 | 100.00 | 0.00 | 119270.67 | | 05/90 | 119270.67 | 880.52 | 85.38 | 795.14 | 119185.28 | | 05/90 | 119185.28 | 100.00 | 100.00 | 0.00 | 119085.28 | | 06/90 | 119085.28 | 880.52 | 86.62 | 793.90 | 118998.67 | | 06/90 | 118998.67 | 100.00 | 100.00 | 0.00 | 118898.67 | | 07/90 | 118898.67 | 880.52 | 87.86 | 792.66 | 118810.80 | | 07/90 | 118810.80 | 100.00 | 100.00 | 0.00 | 118710.80 | | 08/90 | 118710.80 | 880.52 | 89.11 | 791.41 | 118621.69 | |_______|____________|____________|____________|____________|____________| _____________ __________ ___________ __________ _________ _______ | F1 | F2 | | F3 | | F4 | | F5 | F6 | |Extra Payment|Orig Table| |Print Table| |Save Table| |New Dates|Summary| ------------------------ ----------- ---------- ----------------- =============================================================================== Figure 13 - result of Extra Payment This process may be repeated any number of times. The biggest payment that will be applied is the loan balance at the time the extra payment is made. If you want the original table to be displayed, press F2 and the table will be restored. === Getting an Annual Summary of the Loan Activity === Another handy feature of EZ-Loan is the ability to generate an annual summary throughout the life of the loan. Valuable information regarding interest and extra payments is contained within this summary. To use this feature, press F6. The table is shown in Figure 14. for the example above. =============================================================================== Annual Summary of Loan Activity _______________________________________________________________________ | Tax | Total of | Total of | Total of | Total of | Ending | | Year |All Payments|Sched. P'mts| Extra P'mts| Interest | Balance | |------|------------|------------|------------|------------|------------| | 90 | 11766.24 | 10566.24 | 1200.00 | 9518.78 | 117752.54 | | 91 | 11766.24 | 10566.24 | 1200.00 | 9332.24 | 115318.54 | | 92 | 11766.24 | 10566.24 | 1200.00 | 9130.22 | 112682.52 | | 93 | 11766.24 | 10566.24 | 1200.00 | 8911.43 | 109827.71 | | 94 | 11766.24 | 10566.24 | 1200.00 | 8674.48 | 106735.96 | | 95 | 11766.24 | 10566.24 | 1200.00 | 8417.87 | 103387.59 | | 96 | 11766.24 | 10566.24 | 1200.00 | 8139.96 | 99761.31 | | 97 | 11766.24 | 10566.24 | 1200.00 | 7838.98 | 95834.04 | | 98 | 11766.24 | 10566.24 | 1200.00 | 7513.02 | 91580.82 | | 99 | 11766.24 | 10566.24 | 1200.00 | 7160.00 | 86974.58 | | 00 | 11766.24 | 10566.24 | 1200.00 | 6777.69 | 81986.03 | | 01 | 11766.24 | 10566.24 | 1200.00 | 6363.64 | 76583.43 | | 02 | 11766.24 | 10566.24 | 1200.00 | 5915.23 | 70732.41 | | 03 | 11766.24 | 10566.24 | 1200.00 | 5429.59 | 64395.76 | | 04 | 11766.24 | 10566.24 | 1200.00 | 4903.66 | 57533.18 | |______|____________|____________|____________|____________|____________| __________________________________ | F1 | F2 | | Print Table | Save Table to File | ---------------------------------- =============================================================================== Figure 14 - Annual Summary for Loan === Spreading the news... === The author would appreciate any efforts to upload this program to all your favorite bulletin boards and shareware pools. === Reporting any bugs === If you find anything you might think is a bug, please let me know. I want to provide a quality program. Please note the configuration you are running on, exactly what happened, what was done to cause it, and any other helpful information. === Coming Soon ... === I am currently working on a Version 3.0 of EZ-Loan. In it, I am adding the following features, as well as fixing any bugs found in 1.0. Better printer support