# Finding calculation for Amortizing loan?

Deal Score0

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

Richie Rich
January 25, 2011 at 3:00 am
Debra G
January 25, 2011 at 3:36 am

\$ 61,785.76

?
January 25, 2011 at 4:11 am

79079.44

bguste
January 25, 2011 at 4:26 am

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
Loan Officer

Rockman181
January 25, 2011 at 5:17 am

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

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