Clayton Properties
NOTE: This is a work in progress. Final editing is not complete.
This application requires Java 1.4 in your browser.
Brief instructions
Until I get time to write full instructions this will have to do
There are 3 tabs on the program. (If you do not see a screen above this text with 3 tabs you do not have java enabled or the version you have available is not recent enough)
Currently the only tab that is working is the Mortgage Details. The functionality for the others will be added as I have time.
The Mortgage Details panel is divided into left and right.
The left panel is where you enter your existing
mortgage information.
This is built to support any duration of fixed
interest mortgage. (Sorry no ARMS).
There is a button at the bottom ("Update") that is used to
notify the calculator to calculate the amortization schedule.
This will update the Payment amount and Interest paid fields
on the left panel and the duration and interest paid on the
right panel.
eg. To model a 30 year fixed loan of $100,000 at a 6.5% rate enter:
100000 in the principal field
6.5 in the interest field
30 in the term field
When you click on the "Update" button the Payment field will be
updated to the monthly payment of $632.07 and the interest
paid field will show $127,542.98 which is the amount of
interest that would be paid over the duration of the loan.
The figures on the right panel will show the number of months it will take
to pay off the mortgage and the amount of interest paid. Since you
didn't do anything different yet the duration will be close to 360 (30 years = 360 months)
and the interest amount will be the same as the left panel.
Now onto the right panel. This panel allows you to model
different types of additional principal payments. There are three checkboxes
The "Lumpsum" checkbox allows you to apply a single lumpsum payment at any month in the amortization schedule.
To do this enter the month that you want to apply the payment in the box labeled "Month" and enter the principal payment amount in the box labeled "Amount".
If you click update you will see the results of you additional principal payment on the duration and interest fields on the right panel.
The "Extra monthly" checkbox allows you to apply an ongoing extra principal payment each month. In the extra amount field enter the additional amount that you want added to your basic mortgage payment from the left panel. Enter the month that you want to start applying the extra payment in the "Month" field.
The "Bi-weekly" checkbox allows you to model a bi-weekly payment program. Enter the amount that you were told you would be paying into the "Amount" field. This is typically half of the mortgage payment that was calculated on the left panel.
The check boxes can be combined, so if you want to make one lumpsum payment of $10000 one year into your mortgage and an additional monthly payment of $500 from that point on you would do the following:
NOTES:
That's it for now. To send comments go to the home page and click 'Contact Us' Home page