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Simple Formula Approximating Mortgage Balance

achab profile photo
  • Sunday, June 13, 2004 @ 06:27 PM EDT
  • 3 Comments
Hi All, I am looking for a simple formula that, given the original mortgage amount year, and interest rate, would give me the current mortgage balance. The formula doesn't have to be exact. I need it to incorporate it into some software I am writing. Thanks, [addsig]
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  • active_re_investor
    active_re_investor13th June, 2004
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    If you are writing the software using a spreadsheet then there is a pre-programmed formula.

    You might be able to use Excel as a compute engine for the software is you are creating something stand-alone.

    Look on the web for mortgage calculators. Some might be written in Java and available to you.

    John
    [addsig]

  • achab
    achab13th June, 2004
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    Hi John,

    Thanks for your prompt reply. After I posted the question, I did some quick research on Google and found out the following:
    http://www.moneychimp.com/articles/finworks/fmmortgage.htm

    It's not a straight formula, but something I was able to incorporate in my software.
    [addsig]

  • cjmazur
    cjmazur13th June, 2004
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    look at functions like PV, Rate, FV, etc.

    I have seen calculators that would allow you to leave any 1 field blank, and it would solve for it.

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