A fixed rate mortgage loan has four primary numbers (see Figure 3) associated with it:
The four numbers are interrelated. If you provide any three of them, Mortgage can determine the fourth. Enter any three numbers and click the Find button beside the space for the other number. The other number will appear.
If what you type isn't a valid number, you will see a small circle with an exclamation point in it (see Figure 4).
Move your mouse pointer over the circle to see an explanation of the error. Correct the error to remove the error indicator.
Either one or four Find buttons will be enabled when three or four valid numbers are present. You can type four valid numbers but there is no reason to do so. At least one number must be determined by clicking a Find button before the Show Report button is enabled and the totals are shown. This is true even if you enter the same four numbers from an earlier Find.
After Finding a fourth number, you can change any one, two or three numbers (changing four isn't useful) and Find a new number. You can repeatedly change and Find (the same or different) numbers as much as you like. There is no need to Clear All before changing numbers, unless you want to.
Two other mortgage numbers are:
The totals appear when a Find button is clicked. It is worth noting the total interest paid is often as much as or more than the amount borrowed. To reduce the total interest paid, reduce the principal or duration of the loan, or increase the monthly payment, and (re-)Find a number.
The main window menus are:
Show Report - show the report window to view, copy and print the mortgage repayment schedule
Exit - close (end) Mortgage
Contents - show the help contents for Mortgage
Show ToolTips - when checked, cause explanatory balloons to be displayed
About - show Mortgage's version, copyright and author, and a link to Mortgage's web page
The main window has seven buttons:
Copyright © 2008-2010 by Ron Charlton