Comments on: Feature Requests http://www.bretwhissel.net/blog Curiosities of a Rambling Mind Tue, 27 Oct 2009 13:01:38 -0600 http://wordpress.org/?v=2.8.4 hourly 1 By: Bret Whissel http://www.bretwhissel.net/blog/calculator/feature-requests/comment-page-1/#comment-185 Bret Whissel Tue, 27 Oct 2009 13:01:38 +0000 http://www.bretwhissel.net/blog/?page_id=63#comment-185 Hi, Jim. Dates may get added someday. For a more complete response, see the <a href="http://www.bretwhissel.net/amortization/amortfaq.html" rel="nofollow">FAQ</a>, question 12. Bret Hi, Jim. Dates may get added someday. For a more complete response, see the FAQ, question 12.

Bret

]]> By: jimechols http://www.bretwhissel.net/blog/calculator/feature-requests/comment-page-1/#comment-184 jimechols Mon, 26 Oct 2009 21:39:13 +0000 http://www.bretwhissel.net/blog/?page_id=63#comment-184 Hi Bret, your calculator is a great tool and I use it often. With that in mind, any chance that a "date" column be added? This would make it easier to determine the payback date on a refinance. Thanks, Jim Hi Bret, your calculator is a great tool and I use it often. With that in mind, any chance that a “date” column be added? This would make it easier to determine the payback date on a refinance. Thanks, Jim

]]> By: Bret Whissel http://www.bretwhissel.net/blog/calculator/feature-requests/comment-page-1/#comment-183 Bret Whissel Fri, 23 Oct 2009 02:36:36 +0000 http://www.bretwhissel.net/blog/?page_id=63#comment-183 Hi, dakotaslim. You can do these calculations. In such cases, if the payments are to be monthly, then you still set the <i>Payments per Year</i> to be 12; or if weekly, set this box to 52, etc. The <i>Number of Regular Payments</i> does not have to run out to a full year, so if the loan is for 3 months, just enter 3 here. However, the periodic interest rate is calculated as if it's a full year, so if the rate is entered as 6%, that's assumed to be an annual rate with a 0.5% monthly periodic rate (for example), not a 6% interest over the 3 months of the loan. Hi, dakotaslim. You can do these calculations. In such cases, if the payments are to be monthly, then you still set the Payments per Year to be 12; or if weekly, set this box to 52, etc. The Number of Regular Payments does not have to run out to a full year, so if the loan is for 3 months, just enter 3 here. However, the periodic interest rate is calculated as if it’s a full year, so if the rate is entered as 6%, that’s assumed to be an annual rate with a 0.5% monthly periodic rate (for example), not a 6% interest over the 3 months of the loan.

]]> By: dakotaslim http://www.bretwhissel.net/blog/calculator/feature-requests/comment-page-1/#comment-182 dakotaslim Fri, 23 Oct 2009 01:03:33 +0000 http://www.bretwhissel.net/blog/?page_id=63#comment-182 I love your calculator but I often find I'm taking out loans for very short periods of time such as 2-3 months. It would be nice if I could do calculations for less than one year. I love your calculator but I often find I’m taking out loans for very short periods of time such as 2-3 months. It would be nice if I could do calculations for less than one year.

]]> By: Bret Whissel http://www.bretwhissel.net/blog/calculator/feature-requests/comment-page-1/#comment-157 Bret Whissel Wed, 03 Jun 2009 10:45:43 +0000 http://www.bretwhissel.net/blog/?page_id=63#comment-157 Hi, Jack. In fact, ads should be excluded from printing already. If you are using recent versions of Firefox, Internet Explorer, or Safari, and if you are using the browser's print function, ads should not be printed at all because a different style sheet is used. It may be that you are using an older browser, or a browser that isn't aware of stylesheets, or perhaps your browser is configured to ignore alternate stylesheets for printing. Or maybe you're printing a screen capture rather than using your browser's print function. Bret Hi, Jack.

In fact, ads should be excluded from printing already. If you are using recent versions of Firefox, Internet Explorer, or Safari, and if you are using the browser’s print function, ads should not be printed at all because a different style sheet is used.

It may be that you are using an older browser, or a browser that isn’t aware of stylesheets, or perhaps your browser is configured to ignore alternate stylesheets for printing. Or maybe you’re printing a screen capture rather than using your browser’s print function.

Bret

]]> By: Jack http://www.bretwhissel.net/blog/calculator/feature-requests/comment-page-1/#comment-156 Jack Wed, 03 Jun 2009 07:40:43 +0000 http://www.bretwhissel.net/blog/?page_id=63#comment-156 Bret - My company uses your calculator exclusively and we think it is the best out there...well done! The only problem is that our competitors (other mortgage cos) are listed in the Google Ads. When we print the calculator results to a pdf and email them to a prospective client we're unintentionally advertising for the competition! I know you like the income from the ads but is there a way that they can be excluded when printing? Thanks! Bret – My company uses your calculator exclusively and we think it is the best out there…well done! The only problem is that our competitors (other mortgage cos) are listed in the Google Ads. When we print the calculator results to a pdf and email them to a prospective client we’re unintentionally advertising for the competition! I know you like the income from the ads but is there a way that they can be excluded when printing? Thanks!

]]> By: Bret Whissel http://www.bretwhissel.net/blog/calculator/feature-requests/comment-page-1/#comment-148 Bret Whissel Wed, 20 May 2009 12:14:59 +0000 http://www.bretwhissel.net/blog/?page_id=63#comment-148 Hi, Caroline. I'm sorry, but the calculator has not been designed to handle this particular case. I would think a well-designed spreadsheet would be the right tool for this problem. Regards, Bret Hi, Caroline. I’m sorry, but the calculator has not been designed to handle this particular case. I would think a well-designed spreadsheet would be the right tool for this problem.

Regards,
Bret

]]> By: carolinesmith@netspace.net.au http://www.bretwhissel.net/blog/calculator/feature-requests/comment-page-1/#comment-147 carolinesmith@netspace.net.au Wed, 20 May 2009 06:16:22 +0000 http://www.bretwhissel.net/blog/?page_id=63#comment-147 Hi Bret I am an accountant. Just wondering if the calculator can accomodate the following situation; I have a client with a 5 year Chattel Mortgage and repayments are made monthly. I have 2 balloon payments though. One payment made in month 4 and another at payment 60. Many Thanks Caroline Hi Bret

I am an accountant.

Just wondering if the calculator can accomodate the following situation;

I have a client with a 5 year Chattel Mortgage and repayments are made monthly. I have 2 balloon payments though. One payment made in month 4 and another at payment 60.

Many Thanks
Caroline

]]> By: Bret Whissel http://www.bretwhissel.net/blog/calculator/feature-requests/comment-page-1/#comment-124 Bret Whissel Fri, 03 Apr 2009 13:43:01 +0000 http://www.bretwhissel.net/blog/?page_id=63#comment-124 Hi, Jim. I don't work in finance in any way, so I don't know how the industry typically handles such scenarios as the one you're suggesting. Also, the calculator has no provision for a delay in the payment schedule. However, with a minimal amount of additional calculation, it may be possible to make it work out. One reasonable approach is to allow the accrued interest during the non-payment period to be added to the principal amount when regular payments begin. For the sake of example, let's choose some round numbers for convenience: $12,000 loan at 6%. For monthly payments, the periodic interest rate might be 0.5% (6%/12 months). Method One, Simple Interest: Before payments have begun, the monthly interest due on the outstanding principal is 0.5%×$12,000=$60 per month. If payments are to begin 3 months from the beginning of the loan, then 2 additional months have been added, so add $120 to the principal amount (e.g., $12,120), and run the amortization. Method Two, Compound Interest: Should the lender require a compounded interest calculation, the math is slightly more complicated. The formula is <i>P</i>×(1+<i>i</i>)<sup><i>n</i></sup>, where <i>P</i> is the principal amount, <i>i</i> is the periodic interest rate (0.5% here) and <i>n</i> is the number of non-payment periods (2, in this case). Using our numbers, the new principal amount when payments begin is $12,120.30. The lender may have even more creative ways of handling this payment moratorium stuff. Again, I'm no authority! Best wishes, Bret Hi, Jim.

I don’t work in finance in any way, so I don’t know how the industry typically handles such scenarios as the one you’re suggesting. Also, the calculator has no provision for a delay in the payment schedule. However, with a minimal amount of additional calculation, it may be possible to make it work out.

One reasonable approach is to allow the accrued interest during the non-payment period to be added to the principal amount when regular payments begin. For the sake of example, let’s choose some round numbers for convenience: $12,000 loan at 6%. For monthly payments, the periodic interest rate might be 0.5% (6%/12 months).

Method One, Simple Interest: Before payments have begun, the monthly interest due on the outstanding principal is 0.5%×$12,000=$60 per month. If payments are to begin 3 months from the beginning of the loan, then 2 additional months have been added, so add $120 to the principal amount (e.g., $12,120), and run the amortization.

Method Two, Compound Interest: Should the lender require a compounded interest calculation, the math is slightly more complicated. The formula is P×(1+i)n, where P is the principal amount, i is the periodic interest rate (0.5% here) and n is the number of non-payment periods (2, in this case). Using our numbers, the new principal amount when payments begin is $12,120.30.

The lender may have even more creative ways of handling this payment moratorium stuff. Again, I’m no authority!

Best wishes,
Bret

]]> By: jimsturdevant http://www.bretwhissel.net/blog/calculator/feature-requests/comment-page-1/#comment-123 jimsturdevant Thu, 02 Apr 2009 15:00:55 +0000 http://www.bretwhissel.net/blog/?page_id=63#comment-123 Hi Bret: Great calculator. Maybe you can help me with a problem? I need to figure out a amoritization schedule where the first payment is delayed for 3 months and a ballon is due at 84 months. The current schedule covers all of the other variables I need to deal with. Keep up the great work!! Thanks, Jim Hi Bret:
Great calculator. Maybe you can help me with a problem? I need to figure out a amoritization schedule where the first payment is delayed for 3 months and a ballon is due at 84 months. The current schedule covers all of the other variables I need to deal with.
Keep up the great work!!
Thanks,
Jim

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