Comments on: Questions http://www.bretwhissel.net/blog Curiosities of a Rambling Mind Fri, 05 Mar 2010 17:55:05 -0700 http://wordpress.org/?v=2.9.2 hourly 1 By: Bret Whissel http://www.bretwhissel.net/blog/calculator/more-questions/comment-page-2/#comment-203 Bret Whissel Fri, 05 Mar 2010 17:55:05 +0000 http://www.bretwhissel.net/blog/?page_id=76#comment-203 Hi, C.S. The interest calculation looks correct to me given the numbers you've provided. However, maybe you really wanted the payments to extend over 4 months, rather than 4 payments? (Specifying 24 pmts/year, 4 payments = 2 months.) If this is the case, then the interest turns out to be $106. 7 payments gets closer to the your expected value with a total interest of $94.36. Hi, C.S. The interest calculation looks correct to me given the numbers you’ve provided. However, maybe you really wanted the payments to extend over 4 months, rather than 4 payments? (Specifying 24 pmts/year, 4 payments = 2 months.) If this is the case, then the interest turns out to be $106. 7 payments gets closer to the your expected value with a total interest of $94.36.

]]> By: C S Schwartz http://www.bretwhissel.net/blog/calculator/more-questions/comment-page-2/#comment-202 C S Schwartz Fri, 05 Mar 2010 17:39:23 +0000 http://www.bretwhissel.net/blog/?page_id=76#comment-202 Brett, thank you SO MUCH for the calculator! I use it several times a month. However, today I encountered a problem with the calculation of interest. I plugged in $5500.00@ 10.25% for 4 payments, 24 payments/yr. The total interest paid is listed as $54.71. I think it should be more along the lines of $93.95??? I would appreciate your input on this. And thanks again for this great tool! Brett, thank you SO MUCH for the calculator! I use it several times a month. However, today I encountered a problem with the calculation of interest. I plugged in $5500.00@ 10.25% for 4 payments, 24 payments/yr. The total interest paid is listed as $54.71. I think it should be more along the lines of $93.95??? I would appreciate your input on this. And thanks again for this great tool!

]]> By: Bret Whissel http://www.bretwhissel.net/blog/calculator/more-questions/comment-page-2/#comment-197 Bret Whissel Mon, 15 Feb 2010 14:41:48 +0000 http://www.bretwhissel.net/blog/?page_id=76#comment-197 Hi, stampman. I suspect that the loan acceleration program you're talking about is just a little different than you've described. Usually one makes payments every two weeks, not twice a month, and because one is paying half the regular mortgage payment every two weeks, then the equivalent of one extra monthly mortgage payment is paid every calendar year (26 bi-weekly payments instead of 24 twice-monthly payments). You can test these payment schemes by changing the number payments per year to 26 (or 24). Then set the payment amount to the bi-weekly (or twice-monthly) amount, clear the number of regular payments field, and click calculate to see how much of the loan you've lopped off. Hi, stampman. I suspect that the loan acceleration program you’re talking about is just a little different than you’ve described. Usually one makes payments every two weeks, not twice a month, and because one is paying half the regular mortgage payment every two weeks, then the equivalent of one extra monthly mortgage payment is paid every calendar year (26 bi-weekly payments instead of 24 twice-monthly payments). You can test these payment schemes by changing the number payments per year to 26 (or 24). Then set the payment amount to the bi-weekly (or twice-monthly) amount, clear the number of regular payments field, and click calculate to see how much of the loan you’ve lopped off.

]]> By: Bret Whissel http://www.bretwhissel.net/blog/calculator/more-questions/comment-page-2/#comment-195 Bret Whissel Mon, 15 Feb 2010 14:26:57 +0000 http://www.bretwhissel.net/blog/?page_id=76#comment-195 Hi, Ken. I do not have a stand-alone version of the program available at this time. Hi, Ken. I do not have a stand-alone version of the program available at this time.

]]> By: CamKap http://www.bretwhissel.net/blog/calculator/more-questions/comment-page-2/#comment-191 CamKap Tue, 09 Feb 2010 01:15:39 +0000 http://www.bretwhissel.net/blog/?page_id=76#comment-191 Can I purchase your program as a stand alone program. Ken Can I purchase your program as a stand alone program.

Ken

]]> By: stampman http://www.bretwhissel.net/blog/calculator/more-questions/comment-page-2/#comment-187 stampman Sun, 06 Dec 2009 20:15:13 +0000 http://www.bretwhissel.net/blog/?page_id=76#comment-187 My question is this... I understand that if you take your monthly mortgage payment and divide that amount by one-half and pay it twice a month your payoff time on a conventional 30 year mortgage will be reduced by approximately 7 years. If this is true, how can one demonstrate this using your loan amortization calculator? Thanks. My question is this…
I understand that if you take your monthly mortgage payment and divide that amount by one-half and pay it twice a month your payoff time on a conventional 30 year mortgage will be reduced by approximately 7 years. If this is true, how can one demonstrate this using your loan amortization calculator? Thanks.

]]> By: Bret Whissel http://www.bretwhissel.net/blog/calculator/more-questions/comment-page-2/#comment-181 Bret Whissel Tue, 06 Oct 2009 18:22:30 +0000 http://www.bretwhissel.net/blog/?page_id=76#comment-181 Hi, gth48. The calculator is not designed to do the sort of calculation you're asking, as you're not actually performing an amortization. Instead of an amortization calculator, you just need some sort of an interest calculator. There are at least two questions to which you need to know the answers before you could make this calculation accurately: (1) How is the annual interest rate turned into a periodic (i.e., monthly) rate? (2) Is the interest compounded, and if so, on what basis? or is it simple interest? You can probably find some help for this calculation if you search for "compound interest calculator" or "simple interest calculator". Hi, gth48. The calculator is not designed to do the sort of calculation you’re asking, as you’re not actually performing an amortization. Instead of an amortization calculator, you just need some sort of an interest calculator.

There are at least two questions to which you need to know the answers before you could make this calculation accurately: (1) How is the annual interest rate turned into a periodic (i.e., monthly) rate? (2) Is the interest compounded, and if so, on what basis? or is it simple interest?

You can probably find some help for this calculation if you search for “compound interest calculator” or “simple interest calculator”.

]]> By: gth48 http://www.bretwhissel.net/blog/calculator/more-questions/comment-page-2/#comment-180 gth48 Sun, 04 Oct 2009 09:06:45 +0000 http://www.bretwhissel.net/blog/?page_id=76#comment-180 Brett, My apologies but I am needing some help, and cannot figure out how this would be entered..I am not that smartest student in the room...especially in Math. So here goes....a 25,000.00 loan ..no payments for 168 months, at a 8 percent interest would come out to how much? I am sure this is not rocket science..I just can't get it. Brett, My apologies but I am needing some help, and cannot figure out how this would be entered..I am not that smartest student in the room…especially in Math. So here goes….a 25,000.00 loan ..no payments for 168 months, at a 8 percent interest would come out to how much? I am sure this is not rocket science..I just can’t get it.

]]> By: Bret Whissel http://www.bretwhissel.net/blog/calculator/more-questions/comment-page-2/#comment-179 Bret Whissel Fri, 02 Oct 2009 19:17:51 +0000 http://www.bretwhissel.net/blog/?page_id=76#comment-179 Hi, Geo. I'm not familiar with this repayment scheme, and it seems like there are some details left out. I don't know of such a calculator, but it seems like the math for such a scheme wouldn't really require a specialized calculator. Hi, Geo. I’m not familiar with this repayment scheme, and it seems like there are some details left out. I don’t know of such a calculator, but it seems like the math for such a scheme wouldn’t really require a specialized calculator.

]]> By: geowithquestion http://www.bretwhissel.net/blog/calculator/more-questions/comment-page-2/#comment-178 geowithquestion Thu, 01 Oct 2009 17:49:30 +0000 http://www.bretwhissel.net/blog/?page_id=76#comment-178 Hi Bret, I've used your calculator more times than I can count over the last few years. Thanks for creating it. I am writing to request a calculator with different input parameters. There are loans out there (I have one with a credit card co. and am considering another with my bank) where your monthly payment is based on paying a percentage of the principle plus interest on the principle. For example, the one I have with the credit card is based on paying 1.5% of the principle plus 3.99% interest for the life of the loan. It's a fairly agressive pay down scheme that I like, but I cannot find a calculator with a payment schedule. Do you know if one? Would you considr creating one? Thanks and best wishes. Hi Bret,

I’ve used your calculator more times than I can count over the last few years. Thanks for creating it. I am writing to request a calculator with different input parameters. There are loans out there (I have one with a credit card co. and am considering another with my bank) where your monthly payment is based on paying a percentage of the principle plus interest on the principle. For example, the one I have with the credit card is based on paying 1.5% of the principle plus 3.99% interest for the life of the loan. It’s a fairly agressive pay down scheme that I like, but I cannot find a calculator with a payment schedule. Do you know if one? Would you considr creating one?
Thanks and best wishes.

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