# Finding calculation for Amortizing loan?

Deal Score0

I need assistance answering this question, please help.

You take out a 30- year $ 100,000 mortgage loan with an APR of 6% and monthly payments. In 12 years you decide to sell your house and pay off the mortgage. What is the principal balance of the loan?

Thank you,

va

http://www.bretwhissel.net/cgi-bin/amortize

It will do the math for you.

$ 61,785.76

79079.44

To look at an amortization table and get answers to other questions regarding the mortgage process, go to the following site.

http://www.mortgagemagnifier.com/tools/calculators.asp

Your pay off in the 144th month would be $ 79,077.45

Bernard Guste

Advocate Lending Group

Loan Officer

I wrote a little VB program to do this calculation:

Private Sub Command1_Click()

Dim Amt#, iRate#, Pr#, i#, j#

On Error Resume Next

Amt = Val(txtAmt.Text)

iRate = Val(txtRate.Text)

If iRate > 1 Then

iRate = (iRate / 100)

End If

Pr = iRate / 12

i = Val(txtI.Text)

Paymt = Val(txtPmt.Text)

For j = 1 To i

Amt = Amt – (Paymt – (Amt * Pr))

Next j

Amt = Round(Amt, 3)

lblAnswer.Caption = “$ ” & Amt

End Sub

The software can be downloaded, and used free for 5 days, if you want to run some scenarios. Most of the features are engineering related, however.

If you paid the $ 599.55 payment for 12 years, your balance would be $ 79,079.55