## Texas Mortgage Finance

We are proud to have another new user for the Margill Loan Manager Software. Texas Mortgage Finance just joined the Margill family. You can visit their website here.

The Margill Team

## Margill Law/Standard Edition – Regular and Irregular payment schedule

Question:

I was wondering who I could contact at Margill for help on calculating a rather complex amortization table.

Beginning on 6/25/17 – the principal loan amount was \$640,000 at an interest rate of 3% – payments of \$3,000 to begin on 1/1/2018.

• However, a payment of \$350,000 was made on 7/12/2017
• Additional loan amount of \$500,000 was made on 9/25/2017
• Additional loan amount of \$150,000 was made on 12/8/2017

Actually quite simple:

Go to “Recurring Payments” calculation. We will suppose this is compound interest, compounded monthly and monthly payments since it is a loan.

Let’s suppose 20 payments of \$3000 each (if payments are missing or if there are too many, you can add or delete after).

Enter the data below:

Then Compute or F5.

This is our preliminary schedule:

You can now edit the schedule by adding the lump sum payment and extra principal.

The payment and extra principal were made in 2017 so I should add three lines above my payment date of 2018-01-01

I can do this with this icon or the right mouse click:

Then change the dates – start with Line 3 since you must follow the chronological order:

And finally change the amounts (1 payment and 2 loans). Notice lines 2 and 3 are negative since we are adding principal.

Now of course, with a balance of 934,064.93 after 20 payments, we would need to add a bunch of payments to fully pay back. You could add these lines with this icon (we would need to add hundreds of payment since payments are quite low):

My guess is you are looking for a balance at a specific date (let’s say today, start of day). Insert a line with a 0.00 payment:

And there you have it.

## New Margill Loan Manager client: Nevada Western Interstate Commission for Higher Education

We would like to welcome the Nevada Western Interstate Commission for Higher Education (WICHE) as a new user of our Margill Loan Manager software.

The Western Interstate Commission for Higher Education is a regional organization created by the Western Regional Education Compact and adopted in the 1950s by Western states. WICH was created to facilitate resource sharing among the higher education systems of the West.

You can visit their website here.

The Margill Team