Simple Formula Approximating Mortgage Balance
Hi All,
I am looking for a simple formula that, given the original mortgage amount year, and interest rate, would give me the current mortgage balance.
The formula doesn't have to be exact. I need it to incorporate it into some software I am writing.
Thanks,
[addsig]
If you are writing the software using a spreadsheet then there is a pre-programmed formula.
You might be able to use Excel as a compute engine for the software is you are creating something stand-alone.
Look on the web for mortgage calculators. Some might be written in Java and available to you.
John
[addsig]
Hi John,
Thanks for your prompt reply. After I posted the question, I did some quick research on Google and found out the following:
http://www.moneychimp.com/articles/finworks/fmmortgage.htm
It's not a straight formula, but something I was able to incorporate in my software.
[addsig]
look at functions like PV, Rate, FV, etc.
I have seen calculators that would allow you to leave any 1 field blank, and it would solve for it.