Canadian mortgage - there are many calculators available. Check my website at www.victorcatalan.ca and you can use the calculators I have on my home page.

Powered by

I am doing a mortgage calculator, it is supposed to give a list of declining list of payment but it does not and i can not figure out why i did wrong. it runs gives the amount of the payment and it has headers but no list. /** *week 2 assignment- diane beck * a proram written in java (without graphical user interface) that will * calculate and display the monthly payment amount to fully amortize * a $200,000.00 loan over a 30 year term at 5.75% interest. * * * student: diane beck */ import java.util.scanner; import java.lang.math; import java.text.decimalformat; import java.io.ioexception;//imports code for handling of enter key input import java.io.bufferedreader; import java.io.inputstreamreader; class mcbridemortgagecalculator { public static void main (string[] args) //start main() function { //declare variables double monthlypayment; //monthly payment double principal; //loan principal double interestrateyears; //annual interest rate (precentage) double interestratemonths; //monthly interest rate int termyears; //length of loan in years int termmonths; //length of loan in months int linecount; //number of lines to be displayed double balance; //displays current balance double interestpaid; //displays the principle paid double monthlyinterestpayment; //holds current interest payment double monthlyprincipalpayment; //holds current principle payment //assign values principal = 200000; //total loan amount interestrateyears = 5.75; //apa (annual percentage rate) interestratemonths=(interestrateyea rs / 12) / 100; //monthly interest rate termyears = 30; //length of loan in years termmonths = (termyears*12); //length of loan in months monthlyinterestpayment = 0; //set current interest payment = 0 monthlyprincipalpayment = 0; //set current principal payment = 0 balance = principal; //set current balance - principal linecount = 15; //display 15 lines of results //formats number to display only two decimal places java.text.decimalformat dec = new java.text.decimalformat (",###.00"); //hard coded information to display basic loan information system.out.println("nnt***mort gage calculator***nn" + "nloan amount: t$" + dec.format(principal) + "ninterest rate: t" + interestrateyears +"%"+ "nterm (years): t" + termyears); //calculate monthly mortgage payment monthlypayment = (principal * interestratemonths)/(1 - math.pow(1 + interestratemonths, - termmonths)); /* * j * m = p *----------------- <--------formula to calculate amortization * * * m = monthly payment (monthlypayment) * p = loan principal (principal) * i = interest rate (interestrateyears) * l = length (term) of loan, in years (termyears) * j = monthly interest rate (interestratemonths) * j = i/(12*100) * n = number of months of loan (termmonths) * n = l*12 */ { //displays monthly mortgage payment resulting from above calculation system.out.println("nnbased on the above criteria," + "your monthly payment will be:" + "$" + dec.format(monthlypayment)); //formula (s) to calculate monthly interest and principal payments monthlyinterestpayment = (balance * interestratemonths); monthlyprincipalpayment = (monthlypayment - monthlyinterestpayment); //format column headers for results to be displayed system.out.println("nnnmonthst tprincipaltinteresttbalance"); system.out.println("remainingt paymenttinteresttbalance"); system.out.println("-------t-- -----t-------t-------"); //start while loop while (termmonths >0); //information to display system.out.println(termmonths + "tt$" + dec.format (monthlyprincipalpayment) + dec.format (monthlyinterestpayment) + "tt$"+ dec.format (balance - monthlyprincipalpayment)); //decrement months termmonths =144; //calculate interest and principal payments monthlyinterestpayment = (balance + interestratemonths); monthlyprincipalpayment = (monthlypayment - monthlyinterestpayment); balance = (balance - monthlyprincipalpayment); } //these conditional statements cause the results to pause in (lineconut == 20) { linecount = 0; } try { thread.sleep (3000); //pause to last three seconds i now have my program working but it is giving me what looks like hundreds of rows. i give me data in the neg field, instead of stopping at the o balance mark. what is wrong with it now?

The code looks a bit damaged in its copy-and-paste journey. However I suspect the lines: //start while loop while (termMonths >0); The semicolon is an empty statement, so it says "If termMonths is zero or less, stop here forever", which is probably not what you want. I would expect you want to swap the ; for a {, you program probably still won't work but you'll be a step nearer. Changing: //decrement months termMonths =144; to something like: //decrement months termMonths--; might also be helpful!

Powered by

Housing bust a good friend of yours bought a house and he just found out that you are studying economics. his father had bought a house years ago and swore it was the best investment he ever made. the house price was in 1974 dollars, but by the time his father paid off the mortgage he was paying with 2004 dollars. he paid the same rate of interest for 30 years. your friend had found a 30-year mortgage with an introductory variable interest rate of 5%. he calculated he could pay $700 per month for principal and interest and could, therefore, purchase a house costing $150,000 if he made a down payment of $20,000. the introductory rate of interest applied for one year. then the rate was guaranteed at 7% for another four years. you know from your study of the real-nominal principle that his father was right. mortgages with a fixed rate of interest put all of the inflation risks on the bank, not on the borrower. mortgage payments were fixed for the life of the mortgage. variable rate mortgages, on the other hand, put the risks on the borrower. as interest rates go up, so do monthly mortgage payments. you have done some initial calculations and determined that his monthly payment jumped to $900 when the rate switched to 7%. you have also figured out that the balance on the loan at the end of one year was $128,000. everyone in the town where your friend bought the house takes out a mortgage to make a house purchase, has $20,000 for a down payment, and can afford only $700 per month for principal and interest. a. should he have taken the mortgage? why or why not? b. what was the new market value of his house when mortgage rates jumped to 7% (assuming everyone still had the same monthly payment limitation and down payment capacity and could still get a mortgage)? c. even if his 5% rate had been frozen, how long would it have taken him to pay down the mortgage so that the amount due was less than the new market value? d. (extra credit--2 points) his monthly payments are $200 per month more than he can afford and nobody can buy his house for as much as he still owes the mortgage company. interest rates on new mortgages have eased somewhat, but higher downpayments are being required. what are his options and what macroeconomic changes can be expected to alter those options?

What HELP do you need? All I see is someone posting their assignment AND extra credit for us to do. That's not needing help, that's being lazy.

Powered by

Hi all, i wanted to ask whether the following mortgage commitment i received from a small bank is reasonable or completely wrong(?) the mortgage commitment includes the following statement: "the loan balance upon maturity (5 years), with all interest, charges and accessories, shall become due and payable on that date…. the mortgage will become due and payable in 60 months at which time the borrower, if all payments are made on the due date and any prepayment privilege is not used, will owe $155,000" (i rounded). however, the loan amount (principal) is only $120,000! my question is is this normal that after 5 years the bank has calculated i will owe $155,000?? i understand how they calculated it – they added the present value of all future interest payments (30 years) to the amount i will owe. however, is this standard meaning most banks do it this way or is it completely wrong to the extent i should not take their loan? what happens after 5 years if i want to continue with a different bank?? lastly, in another section in the contract they mentioned" the mortgage is not renewable (after 5 years) on the same terms as described above (referring to interest and amortization). therefore, on one hand if i take their mortgage it will never make sense to switch to a different bank after the 5 years term due to a huge penalty - will owe $155k where initial loan is only $120k. on the other hand if i stay with them they can now (after 5 years) charge any interest they want as they mentioned above. i guess the bottom line is if this is a common/standard practice and most banks do it this way i will take the mortgage however if this is completely wrong/unreasonable i will not. is it even legal for a bank to charge future interest (25 years interest) at the end of a term (5 years)? don't they have to follow certain rules/regulations too? i would appreciate any advice on the topic. thanks & regards, neil ps. it's a variable rate mortgage and the monthly payments include interest and principal

Its called a balloon. Its a common practice. If you have good credit and intend to make your payments, there is no worry. After 5 years the bank will gladly make you another loan or continue with your present one assuming you have remained current. Why is the total amount due in 5 years? Its for the banks protection. With todays uncertain financial picture, the bank does not want to be tied to your present interest rate any longer than 5 years. There is nothing shady about the deal, I've had over 100 loans with 3-5 year balloons. Of course the deal cuts both ways. Interest rates could be higher or lower in 5 years. So you might be better off or worse off. If you feel that rates will be higher, or if you can get a better deal somewhere else on a 30 year loan with no balloon, then by all means go somewhere else. But if the terms and costs are otherwise favorable, I wouldn't worry about the balloon part.

Powered by

I have taken the advisce of my learned fellow java experts, and tried to add the arrays of two more years at new interest rates. i can get the first amount printout at 30 years, but cannot get the remainder of 15 @5.5% and 7 years @ 5.35%. now that i have the decimal places knocked, i cannot get the other two rates and years to compile. what do i need to do next? //here is the basc code import java.text.decimalformat; // public class mortgagepayment { public static void main (string[] args) { //declare and construct variables decimalformat decimalplaces = new decimalformat(".00"); double monthlypayments, principle,interest,interest2,intere st3, interestamount, payment; int amount, i, paymentsperpage, lengthofpause; /* below are the values used in the formula for calculating the monthly mortgage payment amount */ interest = 0.0575; //interest rate #1 principle = 200000; //amount borrowed monthlypayments = 360; //number of monthly payments #1 interest2 = 0.0500;//interest rate #2 principle = 2000000; monthlypayments = 180;//number of monthly payments #2 interest3 = 0.0535;//number of monthly payments #3 principle = 200000; monthlypayments = 84;//number of monthly payments #3 //this is the formula used to calculate the monthly payment payment = principle * ( (interest / 12.0) / (1 - math.pow( (1 + (interest / 12.0)),-monthlypayments) )); //output to screen system.out.println("principle = $"+decimalplaces.format(princi ple)); //the loan amount system.out.println("interest rate ="+interest*100 +"%"); //the interest rate system.out.print("payment per month = $"); //the monthly payment amount system.out.println(decimalplaces.fo rmat(payment)); system.out.println("********** **********"); system.out.println("********** **********"); lengthofpause = 5; //the amount of time (in seconds) to pause the page paymentsperpage = 3; //the number of payments to view per page i = 1; for(i = 1; i <= 1; i++) { system.out.println("payment " + i + ":"); system.out.println("---------- "); system.out.println("payment amount: $ " + decimalplaces.format(payment)); interestamount = ((interest / 12) * principle); system.out.println("interest amount: $ " + decimalplaces.format(interestamount )); // you also have to calculate interest and add that back in. principle = (principle - payment) + interestamount; system.out.println("loan balance: $ " + decimalplaces.format(principle)); system.out.println("---------- "); system.out.println(""); if(((i - 1) % paymentsperpage) == 0) { try{thread.sleep(lengthofpause * 1000);} //this is a pause function. catch(interruptedexception ie){} } } } } ok...i tried to do what was suggested, and end up with more errors than when i started. i do not understand where to put these things.. i tried the formula location, and still cannot get anything but the errors increasing. does anybody know where the suggestion is supposed to be located in the code? how does it fit? i tried this combination with my program and i still have about 4 errors.. any ideas? import java.text.decimalformat; // public class mortgagepayment { public void calc(double interest, double principle, int monthlypayments) { //declare and construct variables decimalformat decimalplaces = new decimalformat(".00"); double monthlypayments, principle, interest, interestamount, payment; int amount, i, paymentsperpage, lengthofpause; // variable declaration int principal[] = {200000, 200000, 200000};// principal for each calculation double interestrate[] = {5.35, 5.50, 5.75};// interest rate for each interest rate int totalyears[] = {7, 15, 30};// length in years for each loan double monthlyinterest[] = {0, 0, 0};// monthly interest int totalmonths[] = {0, 0, 0};// number of months double monthlypayment[] = {0, 0, 0};// monthly payment // calculations loop for (int i = 0; i < 3; i++){ monthlyinteres

Put your formula section into a method with interest, principle, monthlypayments as parameters. ie: public void calc(double interest, double principle, int monthlypayments) { .... } then call from main calc(0.0575,2000000,84); calc(... ..

Powered by

//this program will show how much you will pay per //month if you take out a loan for $200,000.00 and pay it back //in 30 years. the formula to calculate mortgage is as follows: //r=pi/1-(1+1)-n(sqrt) //r= monthly payment, p= amount borrowed, r= annual interest rate (decimal), i= interest //rate per compounding period r/12, n= number of months to repay (360) //this calculator will also show the loan balance and interest paid //for each payment over the term of the loan. // import java.text.decimalformat; public class mortgagepaymentfranklin { public static void main(string args[]) throws exception { //declare and construct variables int loanamt = 200000; // this is the principal loan amount int loanterm = 30; // this is the loan term in years int monthnum = 360; // indicates the monthly line item number int line = 0; double intrate = 5.75; // this is the initial interest rate double monthlypay = 0.0; // monthly payment double monprinpay; // monthly principal payment double newloanbal = 200000; // the loan balance double monintpaid; // interest paid double newintrate = 0; // monthly interest rate // displays in the console window system.out.println(); system.out.println("welcome to anne's mortgage payment calculator"); system.out.println(); system.out.println("this program will calculate and display: (1) monthly mortgage payments"); system.out.println("the principal loan amount = $" + loanamt); system.out.println("the interest rate = " + intrate + "%"); system.out.println("the term of the loan = " + loanterm + " years"); // construct the formulas loanterm = loanterm * 12; newintrate = (intrate * .01) / 12; monthlypay = loanamt * newintrate / (1 - math.pow(1 + newintrate, - loanterm)); // displays variable info and formula results system.out.println(); system.out.println("the monthly payment for a $" + loanamt + " over a " + loanterm + "-month term (30 years) at a "); system.out.println(intrate + "% interest rate = $" + monthlypay); system.out.println(); system.out.println("listed below are the monthly interest rates, monthly payments, interest"); system.out.println("payments, and loan balances for the term of the loan:"); system.out.println(); system.out.println("interest ratettmonthly paymentttinterest paidtloan balance"); system.out.println("---------- ---tt---------------tt------------- t------------"); // constructing formulas for monthly interest paid, monthly principal paid, and new loan balance monintpaid = newintrate * newloanbal; monprinpay = monthlypay - monintpaid; newloanbal = loanamt - monprinpay; // begins while loop while(monthnum > 0) { system.out.println(newintrate + "%t$" + monthlypay + "t$" + monintpaid + "tt$" + newloanbal); monthnum--; newintrate = newloanbal * monintpaid; monprinpay = monthlypay - monintpaid; newloanbal = newloanbal - monthlypay + monintpaid; if(line == 1) { line = 0; try { thread.sleep(2000); } catch (interruptedexception e) { } } else { line++; } } } }

There are a number of points to look at: 1. This line: loanTerm = loanTerm * 12; should be: monthnum = loanTerm * 12; 2. This looks suspicious: newIntRate = newLoanBal * monIntPaid; I am unable to understand the statement. 3. To round it up to 2 decimal places, create this method after main: private static double RoundUp (double Value) { //return (Value); return (((int)(Value * 100.0) + 5) / 100.0); } Then change your print statement to call this function: System.out.println(RoundUp(newIntRate) + "%t$" + RoundUp(monthlyPay) + "t$" + RoundUp(monIntPaid) + "tt$" + RoundUp(newLoanBal));

Powered by

Here are the codes can someone please help. * week 5 assignment * write the program in java (without graphical user interface) and have it calculate * the payment amount with 3 mortgage loans: 7 year at 5.35%, 15 year at 5.5%, 30 year at 5.75%. * use an array for the different loans. display the mortgage payment amount for each loan and * then list the loan balance and interest paid for each payment over the term of the loan. * use loops to prevent lis from scrolling off the screen. * * */ package mcbridemortgagecalculator2; /** * * */ import java.lang.math; import java.text.decimalformat; class mcbridemortgagecalculator2 { public static void main(string[]atgs){ //declare variables int loanamt = 200000;//principal loan amount int [] loanterm = {84, 180, 360};//loan term for 7 years, 15 years, and 30 years double[] intrate = {5.35, 5.50, 5.75};//interest rares for 7 years, 15 years, and 30 years int monthnum = 85; int montnum2 = 181; int monthnum3 = 361; int loannum = 0; int line = 0; double monthlypay = 0;//display monthly payment calculation double newloanbal = 200000;//loan balance double monintpaid = 0;//interest paid double newintrate = 0;//monthly interest rate double monprinpay;//monthly principal payment decimalformat money = new decimalformat("$0.00");// display mortgage amount in decimal decimalformat interest = new decimalformat("0.00%");// display inteest rate amount in decimal //display message in the console window system.out.println(); system.out.println("mcbride mortgage calculator 2"); system.out.println(); system.out.println("this program will calculate three separare mortgage payments for a $"); system.out.println("with the following loan terms and interest rates"); system.out.println("7 years @5.35%"); system.out.println("15 years @5.50%"); system.out.println("30 years @5.75%"); system.out.println(); system.out.println("following the math calculation of the payments, the program display the"); system.out.println("mortgage payments, interest paid, and loan balance for the terms of the"); system.out.println("three different loans"); system.out.println(); system.out.println("the loan results are as follows"); int i; for (i = 0; i<= 2; i++) { int j; for (j = 0; j<=2; j++) { //performs calculation for loan term, interest rate, and monthly payment loanterm[i]= loanterm[i]; intrate[i] = (intrate[i] * .01)/12; monthlypay = loanamt * intrate[i]/(1- math.pow(1+ intrate[i],-loanterm)); ( this is the 1 error) if (loannum <= 2) { loannum++; //display results for each loan in the console window system.out.println(); system.out.println("loan" + loannum); system.out.println("********** **********"); system.out.println(); system.out.println("the monthly mortgage payment for a $" + loanamt + "over a" + loanterm); system.out.println("interest rate =" + (money.format(monthlypay))); system.out.println(); system.out.println("the mortgage payment, interest paid, and loan balance for the loan is as"); system.out.println("follows&qu ot;); system.out.println(); } //begins loop while (newloanbal >0); { newloanbal = 200000; if (i > = 0) ( this is error 2) monintpaid = intrate[i] * newloanbal; monprinpay = monthlypay - monintpaid; newloanbal = newloanbal - monthlypay + monintpaid; //display result of calculations for monthly principal paid, and new loan balance system.out.println((money.format(mo nthlypay)) + "t" +(money.format(monintpaid))); //decrements monthly count one month at a time until count reaches zero monthnum-----; ( this is error 3) //pause console window, then continue calculations if (line == 20) { line = 0; try { thread.sleep (2000); } catch (interruptedexception e); ( this error 4) } } } } } }

Error 1: longTerm is array.. Math.pow don't take array as parameter monthlyPay = loanAmt * intRate[i]/(1- Math.pow(1+ intRate[i],-loanTerm[i])); Error 2 gap between > and = if (i >= 0) Error 3 There are not operator like ----- monthNum--; Error 4 catch statement show define block.. cannot end with semicolon catch (InterruptedException e) { }

Powered by

The answer before fixed the errors, now this is what it gives me, not all of the information is there, what did i do wrong? /* * week 5 assignment * write the program in java (without graphical user interface) and have it calculate * the payment amount with 3 mortgage loans: 7 year at 5.35%, 15 year at 5.5%, 30 year at 5.75%. * use an array for the different loans. display the mortgage payment amount for each loan and * then list the loan balance and interest paid for each payment over the term of the loan. * use loops to prevent lis from scrolling off the screen. * * */ package mcbridemortgagecalculator2; /** * * */ import java.lang.math; import java.text.decimalformat; class mcbridemortgagecalculator2 { public static void main(string[]args){ //declare variables int loanamt = 200000;//principal loan amount int [] loanterm = {84, 180, 360};//loan term for 7 years, 15 years, and 30 years double[] intrate = {5.35, 5.50, 5.75};//interest rares for 7 years, 15 years, and 30 years int monthnum = 85; int montnum2 = 181; int monthnum3 = 361; int loannum = 0; int line = 0; double monthlypay = 0;//display monthly payment calculation double newloanbal = 200000;//loan balance double monintpaid = 0;//interest paid double newintrate = 0;//monthly interest rate double monprinpay;//monthly principal payment decimalformat money = new decimalformat("$0.00");// display mortgage amount in decimal decimalformat interest = new decimalformat("0.00%");// display inteest rate amount in decimal //display message in the console window system.out.println(); system.out.println("mcbride mortgage calculator 2"); system.out.println(); system.out.println("this program will calculate three separare mortgage payments for a $"); system.out.println("with the following loan terms and interest rates"); system.out.println("7 years @5.35%"); system.out.println("15 years @5.50%"); system.out.println("30 years @5.75%"); system.out.println(); system.out.println("following the math calculation of the payments, the program display the"); system.out.println("mortgage payments, interest paid, and loan balance for the terms of the"); system.out.println("three different loans"); system.out.println(); system.out.println("the loan results are as follows"); int i; for (i = 0; i<= 2; i++) { int j; for (j = 0; j<=2; j++) { //performs calculation for loan term, interest rate, and monthly payment loanterm[i]= loanterm[i]; intrate[i] = (intrate[i] * .01)/12; monthlypay = loanamt*intrate[i]/(1- math.pow(1+ intrate[i],-loanterm[i])); //////////////pow(double,double)/// ///////// if (loannum <= 2) { loannum++; //display results for each loan in the console window system.out.println(); system.out.println("loan" + loannum); system.out.println("********** **********"); system.out.println(); system.out.println("the monthly mortgage payment for a $" + loanamt + "over a" + loanterm); system.out.println("interest rate =" + (money.format(monthlypay))); system.out.println(); system.out.println("the mortgage payment, interest paid, and loan balance for the loan is as"); system.out.println("follows&qu ot;); system.out.println(); } //begins loop while (newloanbal >0); { newloanbal = 200000; if (i >= 0) monintpaid = intrate[i] * newloanbal; monprinpay = monthlypay - monintpaid; newloanbal = newloanbal - monthlypay + monintpaid; //display result of calculations for monthly principal paid, and new loan balance system.out.println((money.format(mo nthlypay)) + "t" +(money.format(monintpaid))); //decrements monthly count one month at a time until count reaches zero monthnum--; //pause console window, then continue calculations if (line == 20) { line = 0; try { thread.sleep (2000); } catch (interruptedexception e){} { } } } } } } } public class main { /** * @param args the command line arguments */ // todo code application logic here } run: mcbride mortgage calculator 2 this program will calc run: mcbride mortgage calculator 2 this program will calculate three separare mortgage payments for a $200000 with the following loan terms and interest rates 7 years @5.35% 15 years @5.50% 30 years @5.75% following the math calculation of the payments, the program display the mortgage payments, interest paid, and loan balance for the terms of the three different loans the loan results are as follows loan1 ******************** the monthly mortgage payment for a $200000over a7-yearperiod at a 5.35% interest rate =$2859.79 the mortgage payment, interest paid, and loan balance for the loan is as follows loan2 ******************** the monthly mortgage payment for a $200000over a15-yearperiod at a 5.50% interest rate =$1634.17 the mortgage payment, interest paid, and loan balance for the loan is as follows loan3 ******************** the monthly mortgage payment for a $200000over a30-yearperiod at a 5.75% interest rate =$1167.15 the this is with semicolon the loan results are as follows loan1 ******************** the monthly mortgage payment for a $200000over a7-yearperiod at a 5.35% interest rate =$2859.79 the mortgage payment, interest paid, and loan balance for the loan is as follows $2859.79 $891.67 $198031.88 payment(s) complete loan2 ******************** the monthly mortgage payment for a $200000over a15-yearperiod at a 5.50% interest rate =$1634.17 the mortgage payment, interest paid, and loan balance for the loan is as follows $1634.17 $916.67 $199282.50 payment(s) complete loan3 ******************** the monthly mortgage payment for a $200000over a30-yearperiod at a 5.75% interest rate =$1167.15 the mortgage payment, interest paid, and loan balance for the loan is as follows $1167.15 $958.33 $199791.19 payment(s) complete build successful (total time: 0 seconds) the first is without semicolons, it should show for all 3, loan bal, int paid, mortg pay of the term of loan. i hope this help. i have added and taken away

Do you know how to use the debugger? This would be a really really good time to start learning if not. But for starters, this line is probably doing the most damage: while (newLoanBal >0); That semico at the end of the line is deadly: It's an infinite loop. The while loop ends at that semico, so newLoanBal is always > 0. I believe you are off by 1 here: for (i = 0; i<= 2; i++) That loop will execute the body 3 times. i=0 <=2, i=1 <=2 i=2 <= 2. You only want it to execute 2 times, right? What is the j loop for?