2-FEB-2009: Version 2.0 now with a redemption plan
This programm implements the annuity loan model which is the common real estate loan type in germany and other countries.
With 'Loan' you get a fast, easy and complete tool for answering the questions around a real estate loan:
Which height is the monthly payment to the creditor?
What is the remainder after the term?
How does the remainder and the payments for redemption and interest change from month to month?
What are the total payments over the term?
What is the total interest paid over the term?
What is the total redemption paid over the term?
To get answers to these questions you type in the purchase price, interest and redemption rate as well as additional cost for notary, tax, fees and broker. The additional cost can be given as percentage (of the purchase price) or as fixed amount.
The redemption plan details the remainder, the parts of the monthly payment paid for interest and redemption for every month.
Besides just calculating the monthly payment to the creditor the programm can put into account the current monthly rent and the monthly housing allowance to evaluate the net monthly cost: If you move into the object you bought, you will not have to pay rent any more, but there could be housing allowance for the new object.
Loan Amount: this is calculated based on the object price plus the cost for tax, agent, fees, deducted by the amount of money you will spend in cash.
Total Monthly Cost: this is the height of the monthly payment to the creditor.
Net Monthly Cost: the height of the monthly payment to the creditor deducted by the current monthly housing payment plus the housing allowance.
Credit Termination Date: If there was no credit term, this is the date the last payment was due.
Number Of Rates: If there was no credit term, this is the number of rates to pay to the creditor until the remainder is 0.
Remainder: The remainder after the credit term
Extra Expenses: The sum of Notary cost, fees, tax and broker
Price (Total): The principal plus the extra expenses.
Disclaimer: Please note that there are more variations in the calculation of the annuity method than this application offers. Deduction payments can decrease the remainder immediately, every quarter or annualy. Therefore individual contracts may vary in value.