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1992-09-23
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================================
| 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
