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Amortization #6375285
11/16/18 05:06 PM 11/16/18 05:06 PM
Joined: Oct 2009
Posts: 1,758
kansas
H
Hal Aggers Offline OP
trapper
Hal Aggers  Offline OP
trapper
H

Joined: Oct 2009
Posts: 1,758
kansas
Are any of you out there a guru at this.
The question I have is if a person took out a loan of $110,000 at 10% interest for 20 years on March 23rd,2018 and the first payment would be April 23rd,2018
Now 6 payments have been made at this point and they would like to pay the loan off on November 19th ,2018 how much would the pay off be?
Re: Amortization [Re: Hal Aggers] #6375288
11/16/18 05:16 PM 11/16/18 05:16 PM
Joined: Nov 2012
Posts: 10,911
MN
FlyinFinn Offline
trapper
FlyinFinn  Offline
trapper

Joined: Nov 2012
Posts: 10,911
MN
No penalties for early pay off?
Re: Amortization [Re: Hal Aggers] #6375291
11/16/18 05:20 PM 11/16/18 05:20 PM
Joined: Dec 2006
Posts: 11,946
Oakland, MS
Drifter Offline
trapper
Drifter  Offline
trapper

Joined: Dec 2006
Posts: 11,946
Oakland, MS
Here is a program can plug in your numbers. https://www.amortization-calc.com/ This will give the numbers BUT depending on the loan and how was written there could be a penalty for early pay off.

Some individuals use statistics as a drunk man uses lamp-posts — for support rather than for illumination.

Andrew Lang (1844-1912) Scottish poet, novelist and literary critic









Life member NTA , and GA Trappers assoc .
Re: Amortization [Re: Hal Aggers] #6375293
11/16/18 05:21 PM 11/16/18 05:21 PM
Joined: Mar 2007
Posts: 35,202
McGrath, AK
W
white17 Offline

"General (Mr.Sunshine) Washington"
white17  Offline

"General (Mr.Sunshine) Washington"
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Joined: Mar 2007
Posts: 35,202
McGrath, AK
Would need to know the frequency of compounding. Monthly, daily, semi-annually ???

Mean As Nails
Re: Amortization [Re: white17] #6375296
11/16/18 05:22 PM 11/16/18 05:22 PM
Joined: Apr 2012
Posts: 2,988
new york
M
mike mason Offline
trapper
mike mason  Offline
trapper
M

Joined: Apr 2012
Posts: 2,988
new york
Approx $109,000
Re: Amortization [Re: Hal Aggers] #6375302
11/16/18 05:39 PM 11/16/18 05:39 PM
Joined: Oct 2012
Posts: 95
louisiana
C
chickenwing Offline
trapper
chickenwing  Offline
trapper
C

Joined: Oct 2012
Posts: 95
louisiana
115,000$

Last edited by chickenwing; 11/16/18 05:40 PM.
Re: Amortization [Re: Hal Aggers] #6375309
11/16/18 05:56 PM 11/16/18 05:56 PM
Joined: May 2010
Posts: 28,978
potter co. p.a.
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pcr2 Offline
"Twerker"
pcr2  Offline
"Twerker"
P

Joined: May 2010
Posts: 28,978
potter co. p.a.
220-221 whatever it takes. laugh
Re: Amortization [Re: Hal Aggers] #6375313
11/16/18 06:07 PM 11/16/18 06:07 PM
Joined: Oct 2009
Posts: 1,758
kansas
H
Hal Aggers Offline OP
trapper
Hal Aggers  Offline OP
trapper
H

Joined: Oct 2009
Posts: 1,758
kansas
No penalty for early pay off.
Re: Amortization [Re: Hal Aggers] #6375321
11/16/18 06:17 PM 11/16/18 06:17 PM
Joined: Jan 2013
Posts: 18
Gothenburg, NE
F
Frontier Mule Offline
trapper
Frontier Mule  Offline
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F

Joined: Jan 2013
Posts: 18
Gothenburg, NE
If he has made 6 payments he would still be due for the October 23rd payment. If that is the case payoff as of Nov 19th would be $109,153.40 principal (amount remaining after Sept 23rd payment) plus interest accruing for 57 days to get to Nov 19th $1,704.58 for a total payoff of $110,857.98. If the Oct 23rd payment was made or he has made 7 payments then the principal would be $108,988.23 plus interest from Oct 23-Nov19 of $806.19 for a total payoff of 109,794.42.

Last edited by Frontier Mule; 11/16/18 06:59 PM.
Re: Amortization [Re: Hal Aggers] #6375324
11/16/18 06:27 PM 11/16/18 06:27 PM
Joined: Oct 2009
Posts: 1,758
kansas
H
Hal Aggers Offline OP
trapper
Hal Aggers  Offline OP
trapper
H

Joined: Oct 2009
Posts: 1,758
kansas
This is what I came up with.
Money borrowed March 23 $110,000
1st payment $1061.52 this payment would have been for March to April
2nd payment $1061.52 this is for April to May
3rd payment $1061.52 this is for May to June
4th payment $1061.52 this is for June to July
5th payment $1061.52 this is for July to Aug.
6th payment $1061.52 this is for Aug. to Sept.
Now that being the last payment the balance to that point is $109,112
So the person has missed a payment and it will be 57 days since then so the interest has added up to $1703.94
Now the pay off would be $110,815.94
This is what happens when a payment is missed they loose the principal they have already paid.
This is also what happens when people do not pay on there credit cards.
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