LoanProｪ 2.0.0 is a set of powerful financial tools to help you with many fixed and adjustable rate loan calculations. In the unique and easy-to-use Custom Schedule window, you can create custom schedules for variable interest rates and extra payments in any month. You can enter repeating extra payments quickly and easily with our Repeat Entry options. LoanProｪ also compares up to three loan scenarios for total costs, calculates your maximum borrowing power and estimates the interest saved by early payoff. Our newest feature is the the Bi-Weekly calculator.
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The LoanProｪ functions are accessed through the Loan Functions menu. They are:
Master Calculator (□-1)
LoanProｪ calculates the payment, interest rate, loan period or loan amount in the Master Calculator window. Enter any three of the values to calculate the fourth. To indicate which value you wish to calculate, select from the pop-up menu or click on the desired field label. The calculated field name is then displayed in bold. Press the "Calc" button to display the desired value. (Hints: use the tab key to move between fields. Press the clear button to replace a highlighted field with zeros.)
The "Show" button opens the Show Payments window (□-2) to display the payment schedule as calculated by the Master Calculator. First, you must tell LoanProｪ how you want to view the schedule. You may view a detailed monthly amortization schedule or the annual totals using the "Calculate" pop-up menu. Then choose to view the schedule one year at a time or in its entirety under the "Display" pop-up. You may display the normal payment schedule as calculated by the Master Calculator, or select the "Custom" button to display the data you have entered in the Custom Schedule window (see below for information on the Custom Schedule window). Click the "Show" button again to display the schedule. The "Clear" button erases the screen (every time you select a new Display or Calculate method the screen is automatically erased.) The Print button sends the displayed schedule to the printer. The schedule (or any part) can be copied and pasted into a spreadsheet as tab-delimited text by using the standard Mac commands under the Edit menu. The maximum number of months that can be displayed in the Show window is 381. If your schedule exceeds 381 LoanPro will delete the begining months as it adds on the new months.
Custom Schedule (□-3)
This window allows you to change the payment schedule calculated by the Master Calculator to accomodate adjustable interest rates and regular or occasional principal prepayments. Add individual entries by entering the appropriate numbers in the top row and clicking the "Add" button (or pressing Return). To add a series of identical entries, use the Repeat options. Enter the extra payment amount, the frequency (monthly, quarterly, etc.), the number of times you wish the value to repeat, and the year and month the repeated values start. Click "Add Repeats" to enter the series. Entries are automatically sorted to the proper date sequence. Delete any entry by selecting it in the schedule (click on it once) then click the "Clear" button. Click on "Clear All Entries" to clear the entire schedule. Clearing entries in this manner cannot be reversed by the Undo command. Return to the Show Payments window and click the "Custom" button to view the revised schedule.
You may want to save several different custom schedules - for example, to compare best- and worst-case scenarios on an adjustable rate loan. To create a new custom schedule, click the "New" button. Enter a new name then click "OK". Make the desired entries. You can rename, delete and add new schedules. Note: the first schedule cannot be deleted but it may be renamed.
LoanProｪ expects only one entry for every month. You can mix and match interest rate changes and extra payments in any entry. If LoanProｪ finds more than one entry per period, it will beep at you and highlight the offending entry. For example:
DO NOT enter:
Year Month Rate Extra Pmnt
1995 - 1 - 0% - $10.00 (to indicate a principal payment of $10 in Jan. 1995)
followed by:
1995 - 1 - 10% - $0.00 (to indicate an interest rate change in Jan. 1995)
Do it this way:
1995 - 1 - 10% - $10.00
Loan Comparison (□-4)
Enter loan data and closing costs on up to three different loans to compare the overall cost of borrowing. The comparison can be printed by clicking on the Print button. The graphs show at a glance. In this case smaller is better.
Afford Home (□-5)
LoanProｪ estimates how much money a potential borrower may qualify for. Afford Home takes into account a borrower's income, available down payment, anticipated debt service, and the lender's qualifying ratios. Remember - this is an estimate. It is intended to give a good idea of what to expect when applying for a loan.
Early Payoff (□-6)
This feature recalculates the remainder of a current loan, assuming a different monthly payment is applied, and shows the potential interest savings associated with an early payoff. Enter the current loan information. For example, if a 30 year loan has 28 years left, enter "336" (28x12) in the months field. Enter the current balance and interest rate. (Hint: if the current balance is not readily available, it can by calculated in the Master Calculator using the original loan terms, including the starting date. Find the current balance in the Show Payments window.) Press Enter or click the "Calc" button to approximate the current payment. The payment amount need not be exact. Enter a new payment amount and press Enter or Calc again. Loan Proｪ displays the new final payment month and the estimated total interest saved.
Bi-Weekly Calculator (□-7)
For those who are interested in calculating a Bi-Weekly payment this will show the payment and print out the schedule. An additional feature is the comparison with a conventional monthly loan which displays the savings a bi-weekly loan provides. The custom schedule feature is not currently available with the the bi-weekly calculator.
Things to Know:
Everytime you enter or delete an item in the Custom Schedule it will automatically be sorted and checked for duplicate errors. If it finds a duplicate it will highlight the entry to allow you to delete it.
Make sure that the date of the first entry in a custom schedule is not earlier than than the starting year and month in the Master Calculator. If it is, LoanProｪ will search for a beginning date to start the adjustments that it cannot find.
If you click on the "Show" button and the screen is blank and nothing happens, try pressing the "Clear" button to reset the settings. Then press the "Show" button again.
System Requirements - Memory Requirement.
LoanProｪ requires system 6.0.5 or later and will work with 500k of memory. 600k
recommended.
Compatibility
LoanProｪ is not compatible with file compression programs. Place LoanProｪ in your system folder to avoid automatic compression or disable compression options for LoanProｪ.
Version History
LoanPro 1.5.0
Added custom schedule window allowing ARM and extra payments.
LoanPro 1.5.2
Bug fix in custom schedule window.
LoanPro 1.5.3
Made pie chart in Master Calculator window 3-D.(Thanks to Bill Britton for the
incredibly complex math functions). Did some cosmetic work to screen updates.
LoanPro 1.7.5
Fixed problems with certain calculations
LoanPro 1.7.6
Total Interest and total payments were not computing properly in display summary. The actual print outs were accurate but the summary info at top of print out was wrong as well as the info displayed in main calculator window above pie chart.
LoanPro 2.0.0
Added Bi-Weekly calculator.
Shareware
LoanProｪ is shareware. All loan functions are available in the unregistered LoanProｪ version. Until registered, you cannot print, and in the Show Payments window you can view only 60 months of any schedule.
The registration fee is $25.00 (US). Payment of the registration fee entitles the registered user to unlimited use of all the features.
We accept Visa and Mastercard. Credit card customers, please include the card type, card number, expiration date, your name, mailing address and e-mail address.
To register, contact us at:
AOL: JEFFY73371
Compuserve: 70641,3427
Internet: woogieco@europa.com
Web Page: http://www.europa.com/~woogieco/welcome.html
Voice: 503.246.8315
Fax: 503.246.8101
Real Mac Solutions
P.O. Box 19727
Portland, OR 97280-0727
The Fine Print
THIS SOFTWARE IS PROVIDED "AS IS" WITHOUT WARRANTY OF ANY KIND, EITHER EXPRESS OR IMPLIED, INCLUDING WITHOUT LIMITATION, THE IMPLIED WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE. REAL MAC SOLUTIONS DOES NOT WARRANT THAT THE FUNCTIONS CONTAINED IN THE SOFTWARE WILL MEET LICENSEE'S REQUIREMENTS OR THAT THE OPERATION OF THE SOFTWARE WILL BE ERROR-FREE. THE ENTIRE RISK AS TO THE QUALITY AND PERFORMANCE OF THE SOFTWARE IS WITH LICENSEE.
IN NO EVENT WILL REAL MAC SOLUTIONS BE LIABLE TO LICENSEE OR ANY THIRD PARTY FOR ANY DAMAGES, INCLUDING ANY LOST PROFITS, LOST SAVINGS OR OTHER INCIDENTAL, CONSEQUENTIAL OR SPECIAL DAMAGES ARISING OUT OF THE USE OR INABILITY TO USE THE SOFTWARE EVEN IF REAL MAC SOLUTIONS HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES.
By using or copying the Software, Licensee agrees to abide by the copyright law and all other applicable laws of the U.S. including, but not limited to, export control laws, and the terms of this license. Licensee may be held legally responsible for any copyright infringement that is caused or encouraged by Licensee's failure to abide by the terms of this license. This is copyrighted software. You are not obtaining title to the software or any copyrights. This software is licensed to you for you own use.
Please distribute unregistered copies freely, etc.; unlicensed distribution deprives my daughter of the education she so desperately needs...
