# Question about payoff amounts when owner financing....... - Posted by Carey_PA

Posted by Brad on December 27, 1999 at 19:18:49:

Excel has a loan and amortization spreadsheet.

Question about payoff amounts when owner financing… - Posted by Carey_PA

Posted by Carey_PA on December 27, 1999 at 15:30:18:

Hello all…long time no see…

Happy Holidays to everyone!!! Believe it or not, I’ve been FINALLY keeping busy with mobile homes.

I bought one in November and I’ll settle with my 2nd on December 31st (funny how on December 23rd, i was the only person to come see this guys home and make him an all cash offer

anyway, here is my question: Tomorrow I will hopefully get my first home sold and it will require me to hold the financing…

how do i figure out throughout the term of the loan/agreement what the guys payoff amount is? I’m NOT using any software right now, just my TI-BA 35 calculator (although i did ask santa claus for t-value for xmas…i will be seeing this santa claus soon, so maybe i’ll have some software to use)…but in case i don’t…how do i figure out the payoff amount at any period during the loan?

and also, what if the guy makes double payments or just pays MORE than his monthly payment, how do I figure out how much he owes me? I think ya get the jist of my question.

Thanks all and again Happy Holidays!!!

CAREY

Re: Question about payoff amounts when owner financing… - Posted by Robert(NC)

Posted by Robert(NC) on December 28, 1999 at 04:32:39:

Go to the Stemmons web site www.stemmons.com’ and download the calculator. It will do all your asking.

Good 'Luck’
Robert

Do your own - Posted by Bud Branstetter

Posted by Bud Branstetter on December 27, 1999 at 21:01:51:

On an excel spreadsheet put the tile of the property in cell A1. In cell A2 put the interest rate.
In B2 put the title PMT NO(month/yr)
In C2 put Balance -Directly under that put the original loan amount.
In D2 put Interest -Directly under that the formula =C3* A\$2/12
In E2 put Principal- Directly under that the formula =F3-D3
In F2 put PMT- directly under that the Payment amount needed to amortize the loan. Use the function or your calculator.
In C4 the formula =C3-E3.
Copy the cells down and you have your own amortization sheet. Should they pay extra record it in the F column. And it will carry over as principal reduction in column C. Remember interest is in arrears so the next entry in Column C is what they owe after the payment has been made. You can use column A to record date and or type of payment. You can modify to add a column for late payments and even track escrow amounts if you want. Then you can also buy Notesmith.