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

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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.

3 Comments
  1. Reply
    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

  2. Reply
    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.

  3. Reply
    jmm
    January 25, 2011 at 9:05 am

    Here is one that you have to enter all the numbers manually:
    http://www.chicagotitle.com/DesktopDefault.aspx?tabid=387

    I have one I’ve paid for through http://www.chicagoagent.net. I’m think you can download it for a trial period though if you want to try that. It’s an excellent program.

    I’ll be happy to figure it for you if you want to send me the numbers you need to have plugged in. I’m in Texas though so it might not be accurate if you live somewhere else.

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