# Payoff is being requested on a note that I hold. Payments have been missed by the debtor, how do I calculate?

Deal Score0

I sold my home and hold a note on the home (The buyer needed help to qualify for the loan so I hold a 48 month \$ 10,000 note.) Payments have been missed, about 6, some have been doubled. Overall about 5 payments are past due. I have the information in a microsoft works spread sheet. Is there a calculator on ine that I can use, or formula to plug into the works spread sheet to give a mortgage company a payoff… I guess the debtor is consildating loans. Thanks Purely Guessing.

I need to find a calculator that will allow me to punch in what I owe on my loan, real estate commissions, closing costs, etc to calculate what my break even cost is while selling my home. The only numbers I have are my payoff quote from the mortgage company, and I know I will pay 5% to Realtor commissions. I need a calculator that you punch in everything you know and gives you an estimated break even.

blanksmerchandisedotcom
January 25, 2011 at 7:15 am

I dont know but if you want to sell that note off for a lump sum of money go to http://www.chrisblanks.com

Principessa
January 25, 2011 at 8:13 am

You add the missed payments including late fees to the balance. Then you multiply total current balance you have by the interest rate & divide by 365 days. Now you have your per diem interest. Also remember that when a loan starts & you pay on the 1st of each month your actually paying last months interest. So for example if this person hasn’t paid 6 payments, you’ve added all missed payments (including the 3/1 payment that covered February’s interest) & late fees to balance for new grand total & you would add 31 days of interest ( which is your daily per diem amount x’s 31) for March interest still due (for April 1st payment not yet made I’m assuming) + the per diem daily interest in April- add through to 30th on your payoff statement. When you get paid off it will be pro-rated to exact date. Hope that helps.