- LOAN MODIFICATION?
Examine the TRUE COST of a Loan Modification
Many owners of distressed properties are unsure as to whether to keep or sell their property. One consideration is to modify an existing mortgage loan. It’s important to know what your approximate monthly payments would be and how those payments would be applied toward your loan balance.
This calculator will solve for any one of four possible unknowns: "Amount of Loan", "Total Scheduled Periods" (term), "Annual Interest Rate" or "Periodic Payment" amount.
Enter a '0' (zero) for one unknown value.
Or you can enter all 4 values and the calculator will create a payment schedule using your numbers. The final payment amount will be rounded to result in a zero balance. If you enter more months than are necessary to pay the loan off at the specified payment amount, the schedule will show the true term. If the payment is not large enough to reach a zero balance within the specified term, the schedule will show a balloon payment for the final payment amount.
The term (duration) of the loan is expressed as a number of months.
- 60 months = 5 years
- 120 months = 10 years
- 180 months = 15 years
- 240 months = 20 years
- 360 months = 30 years
Need to select a different payment or compounding frequency? You can find a more flexible version of this loan calculator at https://financial-calculators.com/loan-calculator