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Prepayment Mortgage Reduction

Your Monthly Payment (excl. Tax & Insur.) is \$ %s\n",number_format($P,2)); $today = getdate(); $cm = $today['mon']; $cy= $today['year']; $ps = $cy * 12 + $cm - $Y * 12 - $M + 1; $start = $O; for ($i = 0; $i < $ps; $i++) { $start = $start - $P + ($start * $mi); } $B = sprintf("%12.2f",$start); print "

Since Your First Payment was in $M / $Y , "; print "You have made $ps payments so "; printf("your balance ($cm / $cy ) has changed from \$ %s\n",number_format($O,2)); printf("to \$ %s\n",number_format($B,2)); } if ($A == "B") { $tot = $P; $bw = $P/2; printf("

Starting with \$ %s at $I %% and a payment of \$ %s Using a biweekly schedule means
two extra principal payments a year of \$ %s ",number_format($B,2),number_format($P,2),number_format($bw,2)); } else { $tot = $P + $A; printf("

Starting with \$ %s at $I %% and a payment of \$ %s

Paying an extra \$ %s a month (\$ %s/month total) means: ",number_format($B,2),number_format($P,2),number_format($A,2),number_format($tot,2)); } $mi = $I / 1200; if ($X > 0) { $inc = (1 + $X / 100); print "Each year the Monthly Payment will increase by $X %\n"; } if ($C == "Y") { print "

\n"; print "\n"; } # Amortize it while ($B > 0 && $m < 1200) { $m++; $intv = $B * $mi; $intt = $intt + $intv; $pp = $tot - $intv; $B = $B - $pp; if ($C == "Y") { printf("
Month(Year)BalancePaymentInterestPaid Principal
%3d %5.2f %s %s%s %s\n", $m, $m/12,number_format($B,2), number_format($tot,2), number_format($intv,2), number_format($pp,2)); } if ($A == "B") { $c6++; if ($c6 == 6) { $bw = $tot/2; $B = $B - $bw; $c6 = 0; if ($C == "Y") { printf ("
BW - %s %9.2f - %9.2f\n", number_format($B,2), $bw, $bw); } } } $c12++; if ($c12 == 12 && $inc > 1) { $tot = $tot * $inc; $c12 = 0; } } if ($C == "Y") { print "
\n"; } $ys = sprintf("%5.2f",$m/12); print "

So your loan will terminate in $m months ($ys years).
"; } else { ?> This form allows you to see how prepaying your mortgage reduces the length of your mortgage by putting in the current values for your loan. If you know your current principal balance and principal/interest payment, enter then in fields A1 and A2. Otherwise enter the three values for your loan in B1, B2 and B3. (Original Loan Amount, Month of First Payment, Length of Loan).

Change these fields as desired:
Choose the Option:
A1. Current Principal Balance (if known)
A2. Current Prin+Int Monthly Payment

B1. Original Principal Balance (otherwise)
B2. Month of First Payment (otherwise) -
B3. Length of Mortgage (Years)

You fill out the following table for both cases:
Current Annual Interest Rate
Additional Monthly Pre-Payment*
Increase Monthly Payment each year by (%)

* = Enter B here to do a biweekly conversion from here.


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