Mortgage Calc Help. Not sure what I am doing wrong?
I have my code, but I am getting an error. Can anyone help please? My error is: “Error 1 ‘lstLoanInterest’ is not declared. I am unsure of how to write this out. Maybe a string?
Private Sub CalculateButton_Click(ByVal sender As System.Object, ByVal e As System.EventArgs) Handles CalculateButton.Click
‘Calculate the Monthly Payment’
Dim dblAmount, dblMonthlyRate, dblMonths, dblMonthlyPayment As Double
‘Convert input values to numeric values’
dblAmount = CDbl(LoanAmount.Text)
dblMonthlyRate = CDbl(InterestRate.Text) / 100 ‘allows interest rate to be entered whole number’
dblMonths = CDbl(Years.Text)
‘Format input values’
LoanAmount.Text = FormatCurrency(dblAmount)
InterestRate.Text = FormatPercent(dblMonthlyRate)
Years.Text = FormatNumber(dblMonths)
‘Results for listbox should be new loan balance and interest rate’
Dim PVal, FVal, mPayments As Integer
Dim APR, iPayment, TotInt As Double
Dim pPayment, TotPrincipal, dblBalance As Double
PVal = dblAmount
FVal = 0
APR = dblMonthlyRate / 12
mPayments = dblMonths * 12
dblBalance = dblAmount
For period As Integer = 1 To mPayments
iPayment = IPmt(APR, period, mPayments, -PVal, FVal, 1)
pPayment = PPmt(APR, period, mPayments, -PVal, FVal, 1)
lstLoanInterest.Items.Add(FormatCurrency(TotPrincipal).PadRight(25) & FormatCurrency(iPayment).PadRight(25) & FormatCurrency(dblBalance).PadLeft(25))
Debug.WriteLine(” Pmnt #” & period & ” -> Principle =” & FormatCurrency(TotPrincipal).PadRight(14) & ” Int Paid for Payment #” & period & ” is ” & FormatCurrency(iPayment) & ” Bal. =” & FormatCurrency(dblBalance))
TotInt = TotInt + iPayment
TotPrincipal = TotPrincipal + pPayment
Dim monthlyPayment As Double = CDbl(iPayment + pPayment)
dblBalance = dblBalance – (monthlyPayment – iPayment)
lstLoanInterest.Items.Add(” Total interest paid: ” & FormatCurrency(TotInt))
lstLoanInterest.Items.Add(” Total Paid after: ” & mPayments & ” Payments = ” & FormatCurrency(TotInt + TotPrincipal))
lstLoanInterest.Items.Add(” Last Payment is an interest payment of course, and it is ” & FormatCurrency(iPayment))
dblMonthlyPayment = CDbl(iPayment + pPayment)
PaymentLabel.Text = FormatCurrency(dblMonthlyPayment)
I am trying to list the amortization table for the mortgage.
Ok, so my hubby’s DTI ratio is 35%. This is without a mortgage payment (darn car payment and student loans) (we are trying to get a house). Does our new mortgage payment need to be calculated with this number? Will a lender look at that and say the ratio is too high to qualify for a mortgage?
can you please explain to me how they look at this? We’re trying to get FHA in Pennsylvania.