Mortgage calculater formula

[Kurjo]

Does anyone know the formula to calculate mortgage payment. I know that we can do it in Excel easily, but I want to get the formula to put it in a VFP program.

Thanks

 

[Dan Freeman]

What kind of mortgage? There's a different formula for each.

 

[Kurjo]

I am looking for the formula for amortization table. The prameters will be Loan amount, intrest rate and term.

 

[mkrausnick]

You can build something around the PAYMETN() function. From the BOL:

PAYMENT(nPrincipal, nInterestRate, nPayments)

Mike Krausnick
Dublin, California

 

[baltman]

Amortize30_360(150000, 7, 360)


PROCEDURE Amortize30_360
LPARAMETERS tnBal, tnRate, tnTerm
LOCAL nPmt, nPriorBal, i

	m.nPmt = PAYMENT(m.tnBal, m.tnRate/1200, m.tnTerm)
	m.nPriorBal = m.tnBal

	FOR m.i = 1 TO m.tnTerm
		m.tnBal = m.tnBal  - m.nPmt + m.tnRate / 1200 * m.nPriorBal 
		m.nPriorBal = m.tnBal
		?"Period Remaining " + TRANSFORM(m.tnTerm - m.i) + CHR(9) + TRANSFORM(NTOM(m.tnBal))
	ENDFOR 
ENDPROC

 

[Kurjo]

Thanks guys. Looks like I got enough info to work with.