Maturity date of note? - Posted by Russell Shead

Posted by Sean on May 18, 2000 at 22:23:34:

My calculations showed a final payment due on 2/2009 of $120.02 to finish out the amortization.

Maturity date of note? - Posted by Russell Shead

Posted by Russell Shead on May 18, 2000 at 21:29:54:

I just bought a pool of M.H. notes, and I’m not sure if the information the seller gave me for the maturity dates is accurate. Here’s one example:

Orig. loan: $7581.18
Pmts began: March 1, 1999
Pmt: $120.00
Int: 14.5%
Term: 120 months (pmt due 1st of month)
Current Balance: $7142.11
Next pmt: June 1, 2000 (note is current / no balloon)

My calculations show last full pmt of $120 due on 2/1/2009 with a final pmt of $87.61 due 3/1/2009. Is this correct? The payment history I was given has a maturity date of 1/1/2009. The seller used NoteSmith to run the payment history, but I am wondering if there was a data entry error.

I would appreciate any comments.

Thanks,
Russell

Re: Maturity date of note? - Posted by William, Columbus, OH

Posted by William, Columbus, OH on May 19, 2000 at 13:54:34:

Russ: My software calculates final payment of $120 due on 3/1/09. Also shows a full amortization schedule
and the different ways I enter the info. comes within pennies of one another. Hope this is of some value.