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MC.DOC
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1987-07-12
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*******************************
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******Mortgage Calculator******
V2.1 Copyright (c) 1985, 1986 PC Ware, Ed. Yentzen All rights reserved.
PC Ware, Post Office Box 47142, Dallas, Texas 75247, (214) 554 8695
Please share copies of this user supported program with others. Any suggestions
for improving the Mortgage Calculator program or manual would be appreciated.
Contents
Introduction ............................................................... 1
Installing and Starting Mortgage Calculator ................................ 2
Basic Concepts ............................................................. 3
Field Summary .............................................................. 4
Function Keys .............................................................. 5
Example solutions to common problems
MORTGAGE (compound interest)
Find: Monthly payment on a home loan ............................ 6
Find: Down payment required on home loan ........................ *
Compare the payments of a loan at four different interest rates . *
Compare the payments of a loan at four different interest rates
and with different Points required ............................ *
Find: Monthly payment on a variable interest rate home loan ..... *
Find: Monthly payment of an auto loan ........................... *
Find: Term of second mortgage ................................... *
Find: Annual interest of an owner financed loan ................. *
Find: Balloon payment (pay-off amount) due on a home loan ....... *
Find: Amount of your last scheduled payment & exact totals ...... *
See the effect of an accelerated mortgage payment plan .......... *
Display and print monthly payment schedule ...................... *
SIMPLE (simple interest)
Find: The interest on a mortgage due at closing ................. *
Find: The commission on the sale of a property .................. *
PVALUE (present value)
Find: The savings from refinancing, at 5 years and at 30 years .. *
Find: The value of minimum lease payments ....................... *
FVALUE (future value)
Project the value of a house in 5 years ......................... *
What is the value of a single investment at 5.25% for 20 years .. *
What is the value of a single investment at 10% for 20 years .... *
ANNUITY (simple annuity)
Find: How much your retirement fund will be worth after
20 years of monthly contributions ......................... *
Find: The monthly deposits necessary to match a lump-sum
payment due in 5 years .................................... *
Compare: Two retirement plans ................................... *
Memory
Find: The sum of the monthly payments on three loans ............ *
Find: The selling price for a net sale .......................... *
Messages ................................................................... *
Index ...................................................................... *
*Included in the registered users' printed manual
Introduction 1
Real estate financing analysis is quick and easy with Mortgage Calculator. It
speeds you through the common problems of:
Compound interest (display and/or print payment schedules),
Simple interest,
Present values,
Future values,
Annuities,
Variable interest rate,
Odd payment amounts,
Balloon payments (pay-offs), and
Leases.
A single calculation screen contains:
Four independent calculators,
All the calculation fields,
A common memory value, and
Online help.
With four side-by-side calculators you will be able to:
compare alternative solutions or
combine different types of calculations into a single solution.
The online help and calculation screen provide the basic information you will
need to get started. This manual is intended to help you expand your use of
Mortgage Calclator.
Program support
Program support is provided to registered users. The registration fee of twenty
five dollars ($25.00) gives you:
1. A printed manual with example solutions to common problems;
and for one year:
2. All additions made to the Mortgage Calculator program and printed manual
(including new example solutions); and
3. Technical and "how to" support by telephone or mail.
Registered users, if you encounter a problem using Mortgage Calculator please
contact us by telephone or by mail. We will need the following information:
Your registration number,
Your version of DOS, and
The type of hardware you have.
Installing Mortgage Calculator 2
To run Mortgage Calculator you will need the following:
Any IBM PC, PC-XT, PC-AT, or IBM compatible;
At least 128K bytes of memory;
PC DOS or MS DOS version 2.0 or greater;
Any color or monochrome monitor;
At least one diskette drive; and
Any printer having at least 80 print positions per line.
(a printer is needed only for printing payment schedules)
To install Mortgage Calculator
on a diskette system:
Insert your original copy of Mortgage Calculator into drive A,
Insert a formatted diskette into drive B, and type
A: and press [ENTER]
COPY MC.* B: and press [ENTER]
on a hard disk system:
Insert your original copy of Mortgage Calculator into drive A and type
C: and press [ENTER]
CD\ and press [ENTER]
MKDIR MC and press [ENTER]
CD\MC and press [ENTER]
COPY A:MC.* and press [ENTER]
You should see the following files copied:
MC.EXE - the Mortgage Calculator program,
MC.HLP - the help text, and
MC.DOC - this documentation text
Starting Mortgage Calculator
To start Mortgage Calculator
on a diskette system:
Insert your working copy of Mortgage Calculator into drive A and type
A: and press [ENTER]
MC and press [ENTER]
on a hard disk system:
type
C: and press [ENTER]
CD\MC and press [ENTER]
MC and press [ENTER]
Basic Concepts 3
The first screen you will see, after starting Mortgage Calculator, is the MC
Logo screen. From this screen you can:
Press the End key to return to DOS or
Press the [ENTER] key to display the calculation screen.
The calculation screen is the second screen you will see. It contains four
independent calculators arranged into four side-by-side columns. Each column
contains all the fields you will need to solve any type of calculation. From
this screen you will be able to:
compare alternative solutions;
combine different types of calculations into a single solution;
solve all types of calculations in a single calculation column;
move freely from field to field up or down within a column;
move freely from calculator to calculator left or right;
copy the data in one column into the next column left or right;
get help for the field at the cursor; or
display and/or print a monthly payment schedule.
When the calculation screen is first displayed:
The cursor is positioned to "Original amount" in the first column;
The fields in the first column are set to their default values; and
The fields in the other columns are blank.
To calculate:
Move (see Function Keys) the cursor to a field,
Input (see Field Summary) your value, and
After the required values have been entered,
Press the [=] key.
Each type of calculation requires that you input at least three numeric values.
If nothing happens when you press the calculation key; make sure that you have
input the minimum number of required fields for the chosen type of calculation.
The calculation screen contains one additional calculation field. This is the
Memory value. It is located on the top line and is displayed as a blank when not
used. You can access the Memory value from any of the four columns. To use the
Memory value:
Move the cursor to the input amount or percent you want to use;
Press the Alt key (line 25 will contain a selection menu); and
Press the key corresponding to the action you want.
At the bottom of the calculation screen, on line 25, is the status line. This
line may contain:
A list of Function keys and their use (normal setting);
A list of Memory keys and their use (if the Alt key is pressed);
A list of the field's valid input (if a input error is made); or
An informational message.
Field Summary 4
Field Input/Output Must be Default
******************* ************ ******************************* ***********
Type of calculation* Input MORTGAGE,SIMPLE,FVALUE,PVALUE, MORTGAGE
ANNUITY
Compounding peroid Input ANNUALLY,SEMIANNLY,QUARTERLY, MONTHLY
MONTHLY,DAILY360,DAILY365
Original amount Input&Output 0 to 9,999,999.99
Percent down Input&Output -99.999 to 99.999
Down payment Input&Output 0 to 9,999,999.99
Mortgage amount Input&Output 0 to 9,999,999.99
Page Output 1 to 10
Term (number) Input&Output 0 to 999
(units) Input YEARS,MONTHS,DAYS YEARS
Annual % rate Input 0 to 99.999
Payment per period Input&Output 0 to 9,999,999.99
Total amount Input&Output 0 to 9,999,999.99
Total interest Output 0 to 9,999,999.99
Total payments Output 0 to 999
First payment date Input A valid date in MM/DD/YY format System date
Balloon due date Output A valid date in MM/DD/YY format
Balloon payment Output 0 to 9,999,999.99
******************* ************ ******************************* ***********
*"Type" Calculation Required input
******** ***************** **************************************************
MORTGAGE Compound interest Mortgage amount, Term, Annual % rate, or Payment
per period (any 3 of the 4)
SIMPLE Simple interest Term, Annual % rate, and Mortgage amount
FVALUE Future value Term, Annual % rate, and Mortgage amount
PVALUE Present value Term, Annual % rate, and Payment per period or
Total amount
ANNUITY Simple annuity Term, Annual % rate, and Payment per period or
Total amount
******** ***************** **************************************************
Note:
Lowercase letters are converted to uppercase letters as you type.
Numeric values may be typed with or without commas.
Dates may be input with or without "/".
A Numeric field with a value of zero is displayed as blank.
Function Keys 5
Key Action
**************************** ************************************************
(For ALL screens)
Esc Exit to the previous screen or to DOS
End Same as Esc
(For the active calculator)
F1 Display help for the field at the cursor
F2 Clear numeric values & reset:
Type of calculation to MORTGAGE
Compounding period to MONTHLY
Term to YEARS
First payment date to PC's current date
F3 Display payment schedule
F4 Print payment schedule
F7 Move the cursor left one column
F8 Move the cursor right one column
F9 Copy left all the values in the active column
F10 Copy right all the values in the active column
[=] Calculate
[ENTER], [TAB], [DOWN ARROW] Move forward one field (down the column)
[SHIFT-TAB], [UP ARROW] Move back one field (up the column)
[LEFT ARROW], [RIGHT ARROW] Move cursor within a field
[BACKSPACE] Erase the last character typed
PgUp Move forward one Term-%-Payment page
PgDn Move back one Term-%-Payment page
Home Move to the first field in the column
Ins Insert character at cursor
Del Delete character at cursor
Ctl-End Erase to the end of field
(For Payment Schedule screen)
F4 Print payment schedule
PgUp Move to the previous payment schedule page
PgDn Move to the next payment schedule page
(For the MEMORY value)
Alt-A Add to MEMORY the value at the cursor
Alt-S Subtract from MEMORY the value at the cursor
Alt-M Multiply to MEMORY the value at the cursor
Alt-D Divide to MEMORY the value at the cursor
Alt-P Percent to MEMORY the value at the cursor
Alt-C Clear MEMORY
Alt-I Insert MEMORY into the field at the cursor
**************************** ************************************************
FIND: Monthly payment on a home loan 6
Your are buying a $100,000 house, putting down 5% and financing the rest at 12%
annual interest for 30 years. Excluding taxes and insurance what will be the
monthly payments on your loan?
Action Input
***************************************************************** ************
1 Select the compound interest type of calculation mortgage
2 Indicate the payment interval and compounding period monthly
3 Enter the price of the house you are buying 100000
4 Enter your percent down 5
5 In the first of these two fields enter the number and then the
uints that make up the length of your loan 30 years
6 Enter the loan's annual interest rate 12
************************************************************************************
************************************************************* Mortgage Calculator **
1 * Type of calculation: MORTGAGE *
2 * Compounding period : MONTHLY *
* *
3 * Original amount ...: 100,000.00 *
4 * Percent down ......: 5.00% *
* Down payment ......: *
* Mortgage amount ...: *
* *
* Page:01************* ************* ************* ************* *
5 * Term ..............:* 30 YEARS ** ** ** * *
6 * Annual % rate .....:* 12.000% ** ** ** * *
* Payment per period :* ** ** ** * *
* ************************************************************ *
* *
* Total amount ......: *
* Total interest ....: *
* Total payments ....: *
* *
* First payment date : 02/01/85 *
* *
* Balloon due date ..: *
* Balloon payment ...: *
* ******************************************************************************** *
* Esc=End F1=Help F2=Clear F3=Dsply F4=Prnt F7/F8=Move F9/F10=Copy [=]=Cal. *
************************************************************************************
Input display screen
Press the [=] key to calculate.
7
Solution Output
***************************************************************** ************
1 Your monthly payment will be 977.10
2 Your down payment will be 5,000.00
3 Your loan amount will be 95,000.00
4 Total paid after 360 payments 351,784.80
5 Interest paid after 360 payments 256,784.80
6 Over 30 years you will make 360 payments
************************************************************************************
************************************************************* Mortgage Calculator **
* Type of calculation: MORTGAGE *
* Compounding period : MONTHLY *
* *
* Original amount ...: 100,000.00 *
* Percent down ......: 5.00% *
2 * Down payment ......: 5,000.00 *
3 * Mortgage amount ...: 95,000.00 *
* *
* Page:01************* ************* ************* ************* *
* Term ..............:* 30 YEARS ** ** ** * *
* Annual % rate .....:* 12.000% ** ** ** * *
1 * Payment per period :* 977.18 ** ** ** * *
* ************************************************************ *
* *
4 * Total amount ......: 351,784.80 *
5 * Total interest ....: 256,784.80 *
6 * Total payments ....: 360 *
* *
* First payment date : 02/01/85 *
* *
* Balloon due date ..: *
* Balloon payment ...: *
* ******************************************************************************** *
* Esc=End F1=Help F2=Clear F3=Dsply F4=Prnt F7/F8=Move F9/F10=Copy [=]=Cal. *
************************************************************************************
To recalculate the monthly payment at 10%:
1. type zero into the "Payment per period" field,
2. type 10 into the "Annual % rate" field, and
3. press the [=] key.
