The P&I Loan Details Tab is where you enter the details for the principal and interest loans you have. For each loan, you need to know the following information:
- Current balance
- Next payment date
- Payment amount
- Loan interest rate of the loan.
My Debt Elimination Calculator only handles conventional compounding interest loans. Create a separate item for each individual loan (do not combine them.)
The loan information will determine the starting date My Debt Elimination Calculator uses as the beginning point for your estimate. The starting date will be the 1st of the month of the loan with the earliest next/first payment. Example: if you enter details for two loans: one with a Next /First Payment date of 4/15/2008 and the other with a Next/First Payment date of 2/10/2008; the starting date My Debt Elimination Calculator will use is 2/1/2008.
The page at this tab shows the buttons at the top which allow you to perform actions. All the loans are listed underneath. The loans are sorted by interest rate - highest to lowest. You want to pay off the loans with the highest interest rate first - even if they have smaller balances - because they cost you more in interest.
For each loan, the list shows the following information:
| Description | This is the description you give the loan: Mortgage, Car Loan, Home Improvement Loan, etc..
|
Interest Rate
| The interest rate for the loan
|
Amount Owed
| This is the current balance on the loan when the HELOC based system was started. If this is a new loan, this will be the amount of the entire loan. If this is an existing loan, like an existing mortgage you have had for several years, this will be the amount you owe as of the next payment.
|
Next Payment
| The date of the next payment relative to when you started the HELOC based system. If this is a new loan, this will be the first payment due date. On an existing loan, use the date the next payment is due. (Example #2 contains a mortgage that was already held when the system was started and a car loan that was added after the system was started.)
|
Payment Amount
| Monthly payment amount
Note: if your mortgage payment includes money withheld for escrow, the value of the payment amount should not contain the escrow amount. Use only the amount being paid towards the loan. You should create one or more Expense Items in the Expenses Tab to model the escrowed amount. If you include the escrow payment in the payment amount, the length of the loan and the interest on the loan will not be calculated correctly. Consequently, any estimate generated with this information will be incorrect. |
Due On
| Payment due date
|
Loan Length
| This is the time it will take to pay off the loan if you just make the regular payments. This time is calculated based on the amount owed, the interest rate and the payment amount.
|
Interest To Be Paid
| This is the amount of interest that will be paid over the life of the loan if it is paid off using only regular payments.
|
To enter a new loan, click the Add button. This will open a Loan Details Window. Enter the details of the new loan.
To edit the details for an existing loan, select the loan in the list (with the mouse) and click the Edit button. This will open a Loan Details Window with the information for the selected loan.
To delete an existing loan from the list, select the loan in the list and click the Delete button.
To view the payment/amortization schedule for an existing loan, select the loan in the list and click the View Payment Schedule button.
Loan Details Window
