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Old 09-10-2015, 10:53 PM
1 posts, read 498 times
Reputation: 10


I recently sold bare land in Ca. I went with owner financing. I am looking for software or a formula to figure monthly interest due on the loan. I have in the contract that the purchaser could make payments in excess of the actual amount due with no penalties. I thought the payment program I was using was capable of compensating for any excess amount paid. Unfortunately it worked the first time he made a payment in excess of the actual amount due, but months later he made another payment in excess and when I installed that amount, the program removed the first payment he made in excess and it shows the regular payment amount for that particular payment. It looks like I can't install any more than a one time excess payment. I hope some one understands what I'm trying to explain ( because I'm having a really tough time trying to explain it and have it make any sense ) and could possibly help me find software that can do what I need or knows a formula that I can use. It's the interest applied to the loan I can't figure out.


Last edited by RobJS; 09-10-2015 at 11:02 PM.. Reason: I'm having trouble explaining my problem.
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Old 09-11-2015, 11:18 AM
1,985 posts, read 1,382,572 times
Reputation: 1407
I would pay a fee only accountant for an hour or two. What you're asking for sounds very simple and would likely cost less than a couple hundred dollars.

It would be worth your time by transferring risk to the accountant and making a connection for future requests.

Good luck!
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Old 09-12-2015, 04:02 PM
Location: Rock Hill, SC
392 posts, read 1,076,276 times
Reputation: 192
A Loan Amortization Template allowing for occasional extra payments comes loaded in most versions of Microsoft Excel. The following directions may vary slightly depending on your version of Windows and Excel... Launch Excel, find and choose “NEW” in your menu selections (usually beside the “OPEN” selection). Select “Installed Templates”. Look for and select Loan Amortization. Enter the pertinent loan values in the top section titled “Enter Values”. It will fill in everything for you based on those numbers. You see Interest and Cumulative Interest data for the loan. If you click on the Extra Payment entry cell in that area, you will see instructions for entering occasional extra principal payments in the column below in the spreadsheet. Hope this helps!
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