Mortgage Loan Manager

Overview

Did you know that ?

After paying 15 years on your 30 year mortgage, You'll still owe 90% of the amount you borrowed.
After paying nearly 24 years you'll still owe 50% of the amount that you borrowed.
You'll pay over 3 times the amount you originally borrowed.
Mortgage Loan Manager is all what you need to manage your loan wisely, by saving money on interest, reducing your loan term, and keeping track of your payments and loan status.
If you are shopping for a property or a loan you can also use it as a loan calculator.

Main Features

Calculates the projected interest and loan term before making an extra principal payment so you know exactly how it is going to effect your loan and how much you are going to reduce your interest and loan term. This is the main feature and it has additional analyzing options.
Calculates the actual interest and loan term after making extra principal payments so you know exactly what is your loan status.
Keeps record of payments’ history including escrow and extra principal detail.
Calculates “all or a specific year” total payments made, including escrow and extra principal detail.
Calculates the monthly mortgage payment including down payment and it’s percentage, tax, and insurance.
Displays amortization in three different ways, schedule, actual, and projected.

Main tab

The main tab is where you input your general loan information.
Just type the property “price” then hit “Enter” on the keyboard or use the mouse to move to next field.
In the “Down” type the percentage or the amount of your down payment then hit “Enter”.
After you input the “Annual Percentage Rate” and the “No of Monthly Payments” your loan will be calculated automatically, and the rest of the tabs will be enabled.
Optionally type the “Annual Tax” and the “Annual Insurance” and they will be calculated automatically.
Use “mm/dd/yy” format when you type the “First Payment Date”.
The icons on the right will help you manage your loan files and provide you with information.

New: clears the current loan data, prompts you for a file name for your new loan, then creates a file on your hard drive at the end of your session.
Load: prompts you for a file to retrieve, replace the current loan data with the data in that file.
Save: prompts you for a file name, saves the current loan data to that file.
About: provides information about “Mortgage Loan Manager” and your system.

Amortization tab

Three different amortization schedule type are available in this tab.

Schedule: click on “Schedule” button to create standard amortization schedule.
Actual: the actual amortization schedule will deferent from the standard schedule if your loan contains payments’ data with extra principal paid, and it uses it to compute the actual schedule.
Projected: the projected amortization schedule uses the setting in the “Extra Principal Quote” tab to compute a hypothetical schedule.

After generating a schedule use the “Total” drop down list to select a specific year schedule or select all to create sums in the red box.

Payments tab

This is where you input and manage your payment information for record keeping , extra principal calculations, and for yearly summation.

Click on “Make” to enter data for a new payment, you’ll be prompted with a dialog with “Date”, “Escrow”, and “Extra Principal” input boxes, the default for the “date” is the next due payment date, and the default for the “escrow” is calculated, the loan payment is automatically calculated and is driven from the main tab, Enter your information then hit “OK”

Use “delete last” to delete last payment entry or “delete all” to clear all payments entries.

To edit a payment, double click on it’s row in the grid.

Use the “Total” drop down list to select a specific year, or select all to create sums in the green box.

Extra Principal Quote tab

This is where you analyze and plan for extra principal payment, and monitor your loan term and interest
reduction after making a series of extra payments.
The comparison table display the loan term and interest before and after extra principal payments, and the
reduction caused by them.

Extra principal input box
Sets the extra principal amount for a specific payment, or for every payment if “Every payment” option is
checked, or for every remaining payment if both “Every payment” option and “Include actual payments
data” check box are checked.

Include actual payments data check box
If your loan contain payments’ data with extra principal paid, when checked, past payments’ data is
incorporated into the equation.
Hints:
If this box is checked and the extra principal amount is set to 0 then you get the results of your past extra
principal payments made “your current loan status”.
This box should always be checked when planing for next payments or when checking your loan status,
and it is provided only for analyzing flexibility purpose.
To analyze leave it unchecked then apply different values to the extra principal amount and payment
number while observing the comparison table, you can also experiment with “Every payment” Option.

One payment / Every payment Option
One payment applies the extra principal amount to a single payment and allows you to select that
payment number by using the up/down spin buttons or typing in the number.
Note: when “Include actual payments data” is checked, the payment number is set to the next due
payment by default, and since you can’t apply extra principal payment to payments already made, the
minimum payment number is your next payment, this is the setting you would use when you plan for your
next payment.

Every payment applies the same extra principal amount to every payment until the loan is paid off.
Note: when “Include actual payments data” is checked this option becomes Every Remaining payment,
and the same extra principal amount is applied to every unpaid payment until the loan is paid off.