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LoanAnalyst User Manual
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LoanAnalyst Features  Enter known loan parameters and calculate the unknown. For example, if you know the Property price, amount or percentage of down payment you can make, loan term in years or months, interest rate ... you can enter those and get monthly or bi-weekly principal+interest payment with a single tap.By entering tax as absolute value or percentage, and PMI as absolute value or percentage, you can get the total monthly or bi-weekly payment.Similarly, if you know the Principal+Interest payment, rate, and term, you can calculate the loan value. You can calculate the rate and term the same way.
Loan Amortization Refinance calculator
Additional Features
(Figure 1 : Loan Calculator; Figure 2: Loan calculator with Pop-up calculator for number input)
You get to this screen in one of 3 different ways: Screen Variables File as : name identifier for the loan. When the loan parameters are saved, the loan is listed with this name on the main screen.Price : The full price of the property for which loan is required.Down : Download payment either in absolute dollar term or as a % of the property price. To the left of the down payment input box, there is a selection list to select whether the value entered is absolute quality e.g. 10,000 or a percentage e.g. 5 for 5%.Loan : Loan value is automatically calculated by subtracting the down payment from price.Rate : Annual percentage rate expressed in terms of percentage.#Years or #Months : This field represents either the number of months or number of years. Usually loans are expressed in terms of years e.g. 15yr loan, 30yr loan so that default value of this selection in #Years. However, you can chang it to #Months by selecting the appropriate entry from the selection list.P&I : This is the calculated Principal and Interest payment. The default is Mon meaning monthly. If you are making Bi- weekly payment instead, you can select Bi-weekly from the selection list.Tax : This can be entered if you want to calculate your fully payment when your taxes are included with the mortgage payment. Taxes are added to the P&I while calculating the payment. Default tax is expressed in $. However, if you want to specify tax as a % of price e.g. 1.2% yearly then you can enter it here.PMI : If you are required to pay mortgage insurance you can add that to your monthly/bi-weekly payment here as a absolute value or as a percentage of the loan amount.Total: This is the total monthly or bi-weekly payment you have to make including any taxes and PMIs if applicable. Pop-up calculator Loan calculator screen entries are all numbers or selection of an option from a list. When entering the numbers, it may also be necessary for you to do some pre-calculation. To make this input easy, Loan calculator screen provides a pop-up calculator that is displayed on the screen (As in Figure 2) so that you can enter your data.
How to Calculate Since you can calculate any of these 4 fields, the application does not know which one you want to calculate after changing any of the input numbers. Therefore, it will only highlight the field that must be calculated but not actually calculate it. For example, if you change the Down payment, it will automatically highlight P&I field because that is definitely not right where as the Rate and Term can still be valid. However, at this stage, you are free to calculate any of the other 3 fields. So, to calculate the payment, you must tap the calculator icon next to the P&I field.
Menu
Amortization Amortization function shows you term by term status of your loan. When you make payment of a loan monthly or Bi-weekly, everytime you make a payment, a part of it goes towards the interest and a part to the principal. Principal reduces your loan amount and the difference in initial loan and current loan value is called equity. Amortization table shows you how your equity builds up with every payment and how much you have paid towards interest. Note: Amortization schedule only includes the Principal and Interest payment, not the payment with tax and PMI. Following screen shows the Amortization function.
Amortization table types The most fundamental use of Amortization tables is to keep it handy for future reference. If displaying it on the device whenever necessary is not convenient to you, you many export the table to a comma separated text file and copy it to the PC where you can view and analyze it using MS Excel or similar application. The second screen above shows the screen that you get by tapping the save button on this screen
Loan Spread Calculator With loan spread calculator, you get a table of payment values at different interest rates e.g. 3.5%, 4.5%, 5%, 5.5%... and for different terms e.g. 15, 20, 25, 30. This saves you the agony of entering the parameters each time to calculate the payment. the Loan spread calculator screen looks like the following: You will notice that there is a selection list for loan spread. By selecting each entry, you get the loan spread in 3 different ways:
Refinance Calculator is actually a loan comparator that compares two loans. For example, you can take your existing loan on which you have made some payments and compare it to a new loan that you may be looking at to refinance the current loan to save money. It is called a refinance calculator because that we believe will be the primary use of the tool. When taking a new loan, you normally have to spend some administrative fees. So, while refinancing a loan, if you know the amount of money you will save over a desired time frame, you can decide whether spending the additional funds is worthwhile. This tool will calculate how much the new loan will save you over the existing loan if you intend to refinance and keep the property for certain period of time before selling it. Note: Please enter all field values properly. Remember, the 2 loans you are comparing will have different time frames. For example, if you are refinancing a 15yr loan after 2 Yrs with a 15Yr loan to refinance, the current loan will actually have 13yr left where as the new loan will have 15. Similarly, the initial loan value for refinanced loan will be current loan - the principal which you have already paid down. You must also enter a time when you will sell the property so that the loans can be compared over that time period and this time period should be less than the lesser of new loan and the time remaining on existing loan. The refinance calculator screen looks like the following:-
Common Loan Parameters
Saving Data All the loan parameters you enter can be saved on the device for future reference. Each loan parameter set can be given a name in the "File As" line and by selecting "Save" the parameters will be saved in that name. When you run the program later, all those loans will be available to you so that you can open anyone of them and do recalculation if necessary. The screen in which they appear looks like the following:
Select the loan and tap Open to open the loan in the main screen where the loans are. Exporting Data You can save the Amortization table to a comma separated file in the devices documents directory which is visible from the PC using the Desktop application of Palm. Once the files are saved, they can be copied to the PC using the copy paste program.
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