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Updated about 5 years ago on . Most recent reply

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Adam Brand
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Need software for loan payments with additional principal payment

Adam Brand
Posted

Basically my mother is loaning me 37k at 2percent. We set the term for 10 years but I'd really like to pay this off asap. I need something that can easily add additional payment to principal.  Any help would be greatly appreciated but this is for only one deal and would hope its not too pricey.  Anyone know of anything that can do the math for us and keep track for life of loan?  Thanks in advance.

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Bryan Hancock#4 Off Topic Contributor
  • Investor
  • Round Rock, TX
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Bryan Hancock#4 Off Topic Contributor
  • Investor
  • Round Rock, TX
Replied

You don't need software for this if you learn to use a spreadsheet and now amortized annuities work.  That will be more work in the short-term, but will pay you dividends in the long term.  

The Mortgage Professor has some calculators on his site, but I recommend getting a standard finance textbook and learning to build a simple spreadsheet and how mortgage math works.  

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