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Very Dairy
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14,609 Posts
Discussion Starter · #1 ·
My land contract buyer wants to pay extra on the principal from time to time ... I need to find an online amortization table (preferably free :D) that will let me plug in the actual amount paid, and adjust the balance etc.

Anyone know of a reliable one?

Thanks!
 

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Very Dairy
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14,609 Posts
Discussion Starter · #4 ·
They're both good! And I can use 2 to verify for correctness. (Yeah, I am a tad anal retentive. :p )

Thank you very much!
 

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agmantoo
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10,852 Posts
Have the contract buyer to pay in increments of the original amortization chart by looking at the principal portion only. As an example, if the next payment for principal portion is $266 and the total payment is $500 have the buyer to pay $266 and then go to the next months amount due for the next regular payment. It the buyer has more money for payment have him to pay in increments of the principal only and move further ahead. There is no need to recalculate the amortization in so doing. Only accept payment in the amounts of the principal due. Otherwise, you will run into a book keeping nightmare.
 

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You can always use Microsoft Money or Quicken to do this. Just set up a loan and enter the payments, with or without extra payments. It will track it all for you.

You can also do it with a spread sheet in Microsoft Excell. I don't have a copy with me right now, but if you want I can e-mail you a blank amortization spread sheet that I use to calculate loans. I just enter any extra payments in the far right collum and it calculates the remaining ballance automatically.
 

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Does it have to be "online".

You can do a search online for mortgage calculator, amortization, .xls and get a free excel file that you can download (and keep on your computer forever) to do with as you wish and modify to your needs.
 

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Very Dairy
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14,609 Posts
Discussion Starter · #8 ·
One of the links posted above was to the Excel spreadsheet. Works great!

Agman, we already signed the paperwork, so I can't impose new conditions now. And frankly, I don't mind having the extra money! :D
 

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Banned
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2,113 Posts
Have you thought about assigning the contract to a bank for "contract collection?"

I'm buying my place on a seller's contract and I was concerned about everything going smoothly. I didn't want there to be any quedstion about payments made, interest paid, etc.

I set it up (with the seller's approval) with a local bank. It cost $100.00 for the set-up and $5.00 a month (which I pay) and the bank does all the accounting. I pay extra on the principal every month and that is instantly recorded and shows on the receipt I receive when I pay in person (and the next month's statement). At the end of the year, I get a statement showing interest paid, as does the seller.

Well worth the $60.00 a year!

Janis
 

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Very Dairy
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14,609 Posts
Discussion Starter · #10 ·
LOL, yeah, it is set up with Chemical Bank in Lake City, MI ... BUT ...

The contract calls for the buyer to pay $125/mo escrow for taxes and insurance. The first statement I got from the bank, the escrow money was applied to the principal. I called to complain ... they said ... that's just the way we do it. Apparently, they have no mechanism in place to deal with escrows. GRRRRR!

What REALLY ticks me off is when we went into the bank to set up the account, we had to submit a copy of the contract, and nothing was said about the escrow THEN ... oh no, of course not, they wanted our business. :rolleyes:

Luckily my buyer paid to set up the account, and is paying the monthly collection fee ... I notified them of the problem, told them to ignore anything they get from the bank, and I will track it myself in an amortization table and send them a printout periodically.

I'm not going to complain TOO much, as I consider myself very lucky to have sold my place so easily, given the current state of the housing market! :D
 
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