Posted By: trail hiker
Interest Only APR calculation - 02/14/08 10:02 PM
rlcarey
Compliance is my life
Registered: 07/16/01
Posts: 16650
Loc: Galveston, TX APRWIN should handle this OK, but you are going to have to input the whole 60 month payment stream as if it was a plain monthly installment loan. The 59 interest only payments and then the ballon payment.
_________________________
The opinions expressed are my own, take them or leave them.
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I have been searching to see if I am using the APR WIN program correctly on a real estate secured interest only balloon loan. When reading the post above (that I copied from a previous thread I found by "searching") I think I enter in 23 months of equal interest,calculated to be the same amount each month irregardless of the days in the months that could be different, and 1 balloon paymnent for a total of 24 payments.
Is that correct?
Or do I need to enter each month individually according to the amount of days in each month?
Compliance is my life
Registered: 07/16/01
Posts: 16650
Loc: Galveston, TX APRWIN should handle this OK, but you are going to have to input the whole 60 month payment stream as if it was a plain monthly installment loan. The 59 interest only payments and then the ballon payment.
_________________________
The opinions expressed are my own, take them or leave them.
Top
I have been searching to see if I am using the APR WIN program correctly on a real estate secured interest only balloon loan. When reading the post above (that I copied from a previous thread I found by "searching") I think I enter in 23 months of equal interest,calculated to be the same amount each month irregardless of the days in the months that could be different, and 1 balloon paymnent for a total of 24 payments.
Is that correct?
Or do I need to enter each month individually according to the amount of days in each month?