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06-08-2010, 06:47 PM #1Registered User
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Need Amort Calc for Acct with Split Interest Rate
Our HELOC has an intro rate on part of our balance and a higher interest rate on the higher portion. I'd like to find an amortization calculator that could show this info.
Does such a beast exist?Working on Our Debt a Day at a Time:
Chase #1: Paid $1307.12 of $1925.04
Bank of America: Paid $1054 of $1600
Dillard's: Paid $953 of $1750
Medical (too much to list so I am going one at a time):
Amex #1: Paid $3975.50 of $3975.50 Paid in Full 3/09
Chase #2: Paid $4489.75 of $4489.75 Paid in Full 12/09
Macy's: Paid $337.24 of $337.24 Paid in Full 9/10
Lane Bryant: $300 of $300 Paid in Full 7/10
MRI Paid $1080 of $1080 Paid in Full 2/11
Amex #2: Paid $8286.17 of $8286.17 Paid in Full 7/11
Foot Surgery: Paid $1759 of $1759 Paid in Full 8/11
Furniture: Paid $2000 of $2000 Paid in Full 3/12
2012 Fling 319/2012
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06-08-2010, 09:06 PM #2Super Moderator
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you lost me on that. what do you mean the "higher portion"?
Do you have Excel?Russ
Truck payments:109876 5 4 3 2 1 WAHOO!
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06-08-2010, 09:51 PM #3Registered User
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Sorry, I didn't give a good explanation.
$3000 of it is at 6.65%
$5500 of it is at 8.5%
All of my other debts I have in an excel spreadsheet I downloaded that shows the snowball payment and months til payoff. All of those debts have a single interest rate. I just wanted to see an amortization of this debt, but I can't seem to find it.
Sorry if I muddied the waters even more.Working on Our Debt a Day at a Time:
Chase #1: Paid $1307.12 of $1925.04
Bank of America: Paid $1054 of $1600
Dillard's: Paid $953 of $1750
Medical (too much to list so I am going one at a time):
Amex #1: Paid $3975.50 of $3975.50 Paid in Full 3/09
Chase #2: Paid $4489.75 of $4489.75 Paid in Full 12/09
Macy's: Paid $337.24 of $337.24 Paid in Full 9/10
Lane Bryant: $300 of $300 Paid in Full 7/10
MRI Paid $1080 of $1080 Paid in Full 2/11
Amex #2: Paid $8286.17 of $8286.17 Paid in Full 7/11
Foot Surgery: Paid $1759 of $1759 Paid in Full 8/11
Furniture: Paid $2000 of $2000 Paid in Full 3/12
2012 Fling 319/2012
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06-09-2010, 01:00 AM #4Registered User
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In the US, I think that all of the principal payments will be applied toward the higher interest rate balance first. So, just treat it as two loans, only paying the interest on the lower rate and then applying all of the overage first to the higher rate balance until it goes away, then the lower rate.
Say you are doing fixed payments. Going to do some math then make up some numbers for a payment example.
The monthly interest on the "$3000 of it is at 6.65%" balance is $16.63. So, if you made a $200 / month payment in total, you'd be making a $183.38 payment on the higher rate portion.
Using the present value function on my TI BA II plus gives the higher interest rate paid off in 29.96 months - which I'll round to 30 and neglect the little extra payment to the smaller interest rate loan in month 30. As a reasonableness check, 30 payments of $200 is $6,000 and annually compounded the balance is 5500 * 1.085 ^ 2.5 = $6,744.30 - I probably didn't screw up the PV calculation.
Then, we now are making $200 payments on the smaller interest rate loan, which has an unchanged balance, since all principle payments went toward the bigger rate loan. Using my business calculator I find that now you'll have the debt gone in another 15 months, so 45 months of $200 payments altogether.
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06-09-2010, 01:01 AM #5Registered User
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mek, thanks a ton.
I will re-read that in the morning, I'm sure it'll make sense when I've got some coffee in me! lolWorking on Our Debt a Day at a Time:
Chase #1: Paid $1307.12 of $1925.04
Bank of America: Paid $1054 of $1600
Dillard's: Paid $953 of $1750
Medical (too much to list so I am going one at a time):
Amex #1: Paid $3975.50 of $3975.50 Paid in Full 3/09
Chase #2: Paid $4489.75 of $4489.75 Paid in Full 12/09
Macy's: Paid $337.24 of $337.24 Paid in Full 9/10
Lane Bryant: $300 of $300 Paid in Full 7/10
MRI Paid $1080 of $1080 Paid in Full 2/11
Amex #2: Paid $8286.17 of $8286.17 Paid in Full 7/11
Foot Surgery: Paid $1759 of $1759 Paid in Full 8/11
Furniture: Paid $2000 of $2000 Paid in Full 3/12
2012 Fling 319/2012
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06-09-2010, 06:49 AM #6Super Moderator
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I have an excel spreadsheet that hows the amortization schedule if you'd like. Send me your email via PM if you want it.
Originally Posted by TigerGirl1226
Russ
Truck payments:109876 5 4 3 2 1 WAHOO!
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