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amortization.com 905-639-3619 |
The MORTGEGE2 PRO program handles missed payments as follows. If a payment is missed by the borrower (you show this by entering a zero in the appropriate spreadsheet cell) the interest that is owed to the lender is added on to the outstanding balance. In effect the SPREADSHEET schedule is always current or up to date as far as the interest owing to the lender. In the example below, if all payments were made on time the balance owing after one year would be $132,786.73 If payments seven to and including payment twelve were missed for whatever reason it could be shown as; and on Sept 10th 2003 the borrower would owe $137,145.49 as the interest due was automatically added to the balance each month. If the borrower resumes the regular blended payments on Oct 10th 2003 the loan or mortgage is up to date or current as the lender has been compensated for the missed principal. Obviously the balance on Sep 10 2003 is higher due to the missed principal payments and the interest being added on the outstanding balance.
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40 YEAR MORTGAGE QUICK ANALYSIS
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