mortgage with 3-monthly payments

Hi guys,

I was wondering whether somebody could recommend to me a good calculator for a mortgage with 3-monthly payments, rather than monthly?

I have been searching around everywhere on the net, but can't find anything that goes beyond monthly payments. I tried Quicken, but it only offers me to enter my monthly payment amount.

What I would like is a software into which I can enter:

- Initial Loan

- Interest Rate

- Bulk Payments

- 3-monthly interest payments

And in turn I would like to see how long it will take me to pay back my loan. If possible I would hope to enter regularly the payments I make and the software memorises it and informs me of the current loan amount.

Thanks heaps!

Reply to
Fredo Vincentis
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Excel would be pretty good at that ! Although you would have to be handy with Excel !

Reply to
NC

There is an Excel Loan template which can do most (if not all you want). It's a bit clunky.

IIRC, mine came with Excel v5 (?), but it seems to have been dropped from later versions. Office 2000 does not have it. It's a 75kb zip file.E-mail me, if you want a copy.

I have a Mortgage/Loan calculator which has 9 options for frequency of payment. I think it cost me about US$10 a few years ago (although updates are free). Just checked the site, and it's now US$29.95.

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Reply to
Doug Ramage

Install the analysis toolpack in Excel, and you get some formulae to do it for you.

Look for things like

PMT(rate, nper, pv, fv) Gives you the periodic payment on a loan where "rate" is the rate per period "nper" is the number of periods "pv" is the present value of the loan, probably the amount you borrowed "fv" is the amount remaining due at the end of the loan, probably £0

IPMT(rate, per, nper, pv, fv) Gives you the interest charged for the period "per" where the other arguments are as above.

Reply to
Jonathan Bryce
Reply to
Fredo Vincentis

Well, yes and no.

Yes, because if you pay 3 grand for 100 months that's the same total as

1 grand for 300 months. If you're borrowing (and hence repaying) the same amount of capital, you must be paying the same amount of total interest if the total amount paid is the same.

No, because you can't directly compare the two, because if you're borrowing the same capital for the same total time at the same nominal yearly interest rate, then if it should work out to 1 grand a month, the quarterly figure would *not* be 3 grand, it'd be slightly more.

Work it out: 25 years at 6%:

Monthly: P/A = 0.005 / (1 - 1.005^-300) = 0.006443 That would be 1000$ if you had borrowed 155,207$.

Quarterly: P/A = 0.015 / (1 - 1.015^-100) = 0.019371 On 155,207$ that would be 3006.45$ per quarter.

In the monthly case, you'd be paying 1000$ for 300 months, a total of

300,000$ which means since you're repaying capital of 155,207$ the total interest paid is 144,793$.

In the quarterly case you're paying 3006.45$ for 100 quarters, which is total interest of 145,438$.

That's 645$ more, which we needn't have worked out by subtracting as above, but could be directly observed from the fact that it's costing you 6.45$ more per quarter.

Whether 645$ counts as "considerable" is for you to judge. It is nearly half a percent of the total borrowed, or of the total interest payable. I'd say significant, yes, considerable, perhaps not.

Reply to
Ronald Raygun

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