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****Interest Rate:**

The stated interest rate on the loan expressed as a yearly percentage. It should be entered as a whole number with or without a decimal portion (e.g. 8 = 8%; 7.5 = 7.5%)

Allowable Range of Input: Minimum: 0 Maximum: 15

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**Loan Term (in years):**

The term, in years, over which the loan payment is to be computed. If you are entering your existing loan you should leave this blank and instead enter the payment amount in the next box. The program will automatically compute the remaining term on your loan. This capability is provided because most people know their loan payment amount but don't always know what the remaining term is.

Allowable Range of Input: Minimum: 0.5 Maximum: 40

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**Payment Amount:**

This will be computed for you except in the case of your existing loan. For an existing loan you will be requested to enter the payment amount (principal and interest only - do not include any amounts being collected to pay insurance or taxes). After you enter your monthly payment, the program will compute the remaining term.

Allowable Range of Input: Minimum: 0 Maximum: 250,000

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**Payment to start in:**

Choose the month in which the loan will close or the month from which you wish to start generating your loan schedule.

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Changes to Loan Terms after Loan Begins:

**In Month #: **

You may enter up to 10 changes to the terms of the loan. These changes can be one time change or recurring changes. The month number you enter here will indicate the month in which you want the one time change to occur or the month number in which the recurring change will begin. Month numbers are relative to the start of the schedule you are generating. (e.g. if you are scheduling an existing loan which is just beginning its fourth year (month 37), a change in month 12 would occur 12 months from now or in the loan's 49th month)

Allowable Range of Input: Minimum: 0 Maximum: 359

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**Change / Make: **

This column is used to indicate the type of change you wish to make. There are six possible types of changes that are permitted:

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**Change Interest Rate: **Self-explanatory.

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**Change Monthly Payment:**

You may change the payment amount in any month to any amount including zero. A zero payment would permit an abatement of payments for a period of months. When you want the payments to change back to either a normal amortizing payment or an interest only payment, you must indicated this by entering another change which includes the month number in which you want the payment to change again and the nature of the change. If you want the payment amount to return to a regular amortizing payment you would enter the interest rate on which to base the amortization as an interest rate change. The program will then recompute the payment based on the remaining term of the loan. If you enter a payment amount that is less than the amount required to pay the interest on the loan, the unpaid interest will accrue. It will be shown in the "Accrued Interest" column of the loan schedule. When the payments are later changed to an amount greater than required to pay the monthly interest due, the excess will be used to pay off accrued interest first before it will be applied to an principal reduction.

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**Make One Added Payment: **

You may make additional payments at any point in the loan. These are sometimes referred to as "partial balloon" payments. Use this type of change to put in a non-recurring additional payment. You may make as many individual additional payments as you wish until you've used up the number of changes available in the program. If you wish to make recurring payments either for the entire loan, from a specific month to the end of the loan, or from a specific month for a specified interval, use the **Make Extra Payment Every Month** type of change at the bottom of the drop down list box.

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**Change Payments to Interest Only: **

Use this type of change when you want the payments on the loan to consist of interest only. When you change the loan to interest only, none of the principal will be paid off during the time this type of payment is made. No entry is needed in the amount (To / Of) column for this type of change.

When you want the interest only payments to end you must enter another change in the month you would like the change to occur and specify what type of change you wish.

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**Pay off Loan in Full:**

Enter the month number in which you would like the loan to be paid off and choose this option from the center column. An example of when you would use this choice would be when you obtain a loan based on a 30 year amortization period which is due and payable in full in 15 years (180 months) - or a 15 year loan due and payable in full in 7 years. No entry in the amount (To / Of) column is needed for this type of change.

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**Make Extra Payment Every Month:**

This option lets you specify a recurring additional amount to be paid each month that would reduce the unpaid balance on the loan. You can easily see how much money (interest) you save by making this additional payment each month. This extra payment can be initiated either at the beginning of the loan or start in any given month during the loan. It can even be turned on and off by entering an amount greater than zero to turn it on and entering zero in a later month to turn it off. The quickest way to tell how much money it saves you is to go to the end of the Loan Schedule and see how much you have paid in total payments and total interest payments. The difference between the total payments made by making extra payments each month and the total payments made by not making extra payments each month will tell you how much you save by making these payments.

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**Extra Pmt Every 12 Months:**

This option lets you specify a recurring additional amount to be paid once every 12 months that will reduce the unpaid balance on the loan. The number you enter in the month number column will the the month in which the payment will be made. (e.g. if you enter 6 as the month number, the extra payment will occur in the 6th month of the loan and every 12 months thereafter) You can easily see how much money (interest) you save by making this additional payment each year by going to the end of the Loan Schedule and seeing how much you have paid in total payments and total interest payments. The difference between the total payments made by making an extra payment each year and the total payments made by not making the extra payment each year will tell you how much you save by making these payments.

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**Pay off over next x Months**

This option lets you specify the number of months until the loan is fully paid off. It allows you to answer the following question: *How much will I have to pay each month if I want to pay off my loan over the next 60, 120, 180, etc. months?* It will also allow you to change over from an "interest only" loan to an amortizing loan. You would use this option to specify the month number in which the loan is to become an amortizing loan and in the "to/of" column you would specify the number of months over which the remaining balance of the loan was to be amortized.

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**To / Of: **

In this column you enter the amount of the change indicated by the type of change you selected in the middle column. Two of the change types do not require an entry in this column. Neither "Change Payments to Interest Only" nor "Pay off Loan in Full" require an entry in this column. Any entry made for either of these two types of changes will be ignored. The change amount should correspond to the type of change being requested (e.g. if you make an interest rate change an entry in this column of 1500 would not be a correct entry).

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